The U.K. Government needs a holistic plan to breathe new life into older, underperforming office buildings – often referred to as subprime or secondary stock – to unlock economic growth and revive local communities, McGuireWoods London partner Callum Hassall wrote in a Sept. 18, 2025, article in The Times.
“The challenge is how to retain these properties as offices in a cost-effective manner, especially given the ongoing need for workspace that sits below the prime end of the market, but still delivers quality, location and flexibility,” wrote Hassall, who advises on commercial real estate transactions.
McGuireWoods’ London real estate team convened a taskforce of industry stakeholders earlier this year to discuss the challenge and propose solutions. The group included developers, architects, lenders and occupiers. Hassall and associates Hannah Irish and Rend Beresford are sharing insights from the industry roundtable in an eight-part weekly series, “Breathing Life Back Into Subprime Offices,” that lays out an action plan for reviving underutilised office buildings.
The taskforce called for a national design and planning knowledge bank, a “green retrofit credit” for sustainability upgrades, more flexible permitted development rights for commercial use, and better energy performance metrics, among other measures, Hassall wrote in The Times.
“The path forward demands cohesive thinking,” wrote Hassall, who called for the U.K. Ministry of Housing, Communities and Local Government to partner with the Department for Business and Trade and, crucially, the wider commercial property industry to develop a plan.
“Bringing subprime offices back to life will not just save buildings that would remain a blight on our high streets or be knocked down, it will also help to regenerate local communities,” Hassall wrote.
McGuireWoods London’s commercial real estate team earned a nationwide ranking from The Legal 500 UK for advising corporate occupiers in the technology, life sciences and industrial sectors and providing guidance on leases, acquisitions and corporate office portfolios. Hassall was recognized for excellence in the Chambers UK Guide 2025, earning praise from clients for his industry knowledge, attention to detail and responsiveness.