• Central London will devour the city’s fringe areas within the next decade.
• Development in areas such as King’s Cross, Old Oak Common, Croydon, and Stratford, plus Crossrail will evolve to the point where no one place will be considered ‘central’.
• Instead, the capital will exist as a series of neighbourhoods.
These predictions came from leading property figures at an EG round table held at the London Real Estate Forum in Mayfair today headlined “Avoiding the office supply black hole”.
Another key message was that the desirability of an environment outweighed the physical traits of a building.
Nick Searl, partner at Argent, said: “It is not a conversation about the building any more. It is a given that the building will be high quality. It is the other stuff now. What employers need to know is how a location can help them attract the right people and keep the staff they have got to make a successful business.”
“Footloose” businesses are relocating from the City and West End to the East because of a lack of quality stock, the participants said, adding that policy makers and local authorities had a responsibility to make sure the centre was not overcome by tall residential towers.
However, there was concern that London’s current fringe areas would succeed to the detriment of the centre.
Participants included:
• Neil McLeod, director – head of central London, Aviva Investors
• Simon Rawlinson, head of strategic research, EC Harris
• Anthony Burnett-Scott, partner, real estate, Macfarlanes
• Steven Pitchford, partner, real estate, Macfarlanes
• Elaine Rossall, head of research, London Markets, Cushman & Wakefield
• Simon Silver, director, Derwent London
• Anne Kavanagh global head of asset management and transactions, Axa Real Estate
• Nigel Fuller, fund manager, Legal & General
• Nick Searl, partner, Argent
The round table was held in association with Macfarlanes.
• Look for full coverage in next week’s EG.
To get your free 48-page LREF review including news, analysis, area focuses and coverage of parties at the conference go to www.estatesgazette.com/lref-review
