01 / Why reinvent?

Retail and office vacancies have increased in the last 12 months, particularly in city centres, prompting many to declare that the pandemic is leading to the death of the high street or even the office. While it is too early to predict the full range of effects on real estate, measures put in place during the covid-19 crisis have certainly accelerated several existing trends: the shift to online shopping, the desire for an experience rather than purely transactional processes (this applies to offices as well as retail), and an appreciation for well-designed, human-scale urban spaces that inspire a sense of belonging.

The wealth of retail and office space being returned to the market presents an opportunity to reinvent empty or under-utilised units into fit-for-purpose spaces and mixed-use buildings that can better support the local community and attract people back to commercial buildings and the public realm.

There is a clear environmental benefit to reinvention. The success of decarbonising the UK economy relies on making the most of our current building stock: refurbishing and repurposing wherever possible to create new spaces that are healthy, welcoming, attractive and flexible.

Repurposing an existing asset can be a viable alternative to rebuilding,  not only supporting net zero carbon and other sustainability aspirations but also offering potential efficiencies in cost, time and materials. In most instances, the existing shell can be adapted to accommodate new or multiple uses, and if the refurbishment is designed and implemented carefully it can return the space to the market quicker than a new-build project would.

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