INDUSTRY NEWS

Relaxing parking rules could help office market

A report has suggested that relaxing parking restrictions would play a major part in returning the Outer London office market to growth.

Research by the Outer London Commission suggests that office property in this area is in competition not with similar properties in Central London, but with those further outside the capital, in what is known as the ‘Outer Metropolitan Area’.

Some adjustment to parking rules could increase the competitiveness of Outer London office space compared to the OMA – a recommendation which received London Mayor Boris Johnson’s support.

He said: “We must ensure we put in place policies that grasp every opportunity to unleash Outer London’s full potential… we will begin now to look at how we can align our economic strategies to best support our valuable town centres.”

London parking legislation is at least three times stricter than that in the OMA.

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