Commercial property in the City of London

Commercial planning applications drop in the City of London

Commercial planning applications in the City of London fell by almost 8% during 2016.

A freedom of information request submitted by Development Finance Today revealed that the City received 301 commercial planning applications last year, down from 326 in 2015.

Despite this decline, the City did approve a greater proportion of applications received during 2016, greenlighting 277, or 92%, of plans.

This marked a slight improvement on approvals during 2015, which saw the City of London approve 294, or 90%, of applications received.

Rejections also dropped over the past year, with just two applications turned down compared with eight in 2015.

Both rejections occurred in July last year, just one month after the results of the EU referendum were announced.

Brexit has prompted some, including mayor of London Sadiq Khan, to warn that London must retain access to a skilled workforce once Britain leaves the EU.

The City of London received 25 fewer applications in 2016

These latest figures follow a 3.7% rise in prime commercial property rents in the UK during 2016.

Development finance specialists have predicted that the market will flourish in 2017, with more players expected to enter the sector.

The City of London stated that commercial planning applications may feature elements of residential development contained within them.

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