New mixed-use development hotspots need to be created outside central London to secure the future growth of the city.
According to Savills, 55m sq ft of residential and 4m sq ft of office space is required annually to keep pace with employment growth.
The agent has identified eight new hotspots that have the transport links to support new high-density mixed-use developments, with rents at least 50% below those in the West End.
“Developers, planners and communities in these eight hotspots should consider taking advantage of infrastructure improvements to intensify development to provide a broad mix of uses including supporting shops, services, leisure facilities and amenities,” said Susan Emmett, director at Savills Residential Research.
Alongside rents and transport, the agent identified two other factors to measure an area’s suitability: clustering potential and amenity provision – where there is already the potential in place to provide for large-scale communities.
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