London prepares for major transformation in office space

In Short:
– London aims for one million square metres of new office space by 2040 to enhance commercial vibrancy and housing affordability.
– Investor confidence is rising, with low vacancy rates and a need for retrofitting older buildings to attract businesses.

London is undergoing a significant transformation, with a demand for one million square metres of office space by 2040.

Tom Sleigh, Chairman of the Planning and Transportation Committee for the City of London Corporation, discusses the current climate for investors and developers. He notes a resurgence in investor confidence in London despite global economic headwinds. Recently, the Square Mile welcomed 11 million visitors in June, reaching pre-pandemic levels much sooner than expected.

London is compared favourably in terms of costs to cities like New York and Hong Kong, making it appealing for businesses. The local planning strategy involves identifying suitable areas for new development, with a focus on retrofitting older buildings to improve their quality and usability.