Earlier this year, while the UK was enjoying a heatwave, it looked like a storm was gathering over the Thames Valley. The slowdown in the office market was promptly blamed on three factors in particular: councils using cheap loans to buy property, pricing other investors out of the market; commercial space being converted under permitted development rights (PDR), eroding the area's already limited available office stock; and the news that the opening of the Elizabeth line would be delayed by a year or more.
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