London’s developers have a prime role in ensuring its future success
IF LONDON is to retain its status as a global capital for business in the face of technological revolution and the rise of mega cities in the South and East of the globe, it is vital for property developers to respond to changing business needs.
This is not just building new offices that are well designed, environmentally efficient, resilient, architecturally excellent and which allow companies to create a thriving, social culture; although all these things are very important. It’s about creating new business locations, fused with technology and an attractive lifestyle, that match exactly what businesses will require in the future.
Of course, predicting the future of business is difficult, especially because things happen more quickly now. It used to take centuries to create places. At Canary Wharf it took just 20 years to transform a wasteland into a 100,000-strong business community. Very few predicted this success at the outset.
Technological advancement and seismic shifts in world economies mean the natural evolution of our cities is too slow. The onus is on developers to accelerate the process of urban evolution, using the future needs of businesses – and the talented people they depend on – as the end goal.
A case in point is the 20 Fenchurch Street office building, currently under construction in the City. As developers alongside Land Securities we have pressed ahead, despite the economic uncertainty, with something completely new and different in design and technology terms. This was done knowing there is a relative shortage of top quality office space under construction in central London, and that for world class businesses, much existing office space is becoming obsolete.
Any future vision for London must appeal to the burgeoning technology, media and telecoms (TMT) sectors. Seemingly resilient to the downturn, take-up of Central London offices by TMT companies doubled between 2010 and 2011. But, even within this context, the role of banking and financial services in London’s future should never be underestimated. Access to finance is a lure that attracts businesses of all types. Add to this the City talent pool and client immediacy and you can see why Silicon Roundabout’s location on the City fringe is no coincidence. Tech City’s physical alignment with a financial community that stretches from the hedge funds of Mayfair to the banking headquarters of Canary Wharf is part of a synergetic relationship between the TMT sectors and the labour and capital markets.
It is precisely this synergy that makes London’s ambitions to be the digital capital of Europe credible. It is the clarion call for developers to challenge the old conventions – start with a blank piece of paper and design a business location that precisely meets the requirements of leading global businesses in 2022 and 2032, not 2012.
Right now we are refining our vision for Wood Wharf to the east of Canary Wharf. We want to do something evolutionary for a diverse range of tenants, so we are listening to businesses to understand how they will need to work in future. We know connectivity will be key – both virtual and physical. Interactive environments stimulate creativity by enabling collaboration. The smartest business is as likely to be done in cafes as boardrooms. We know this from Canary Wharf where we have developed close to 1m square foot of cafes, bars, restaurants and shops, connected by parks, plazas and waterfront walkways.
The modern workplace is fluid and mobile and it interacts with its local community. The tablet, the Skype call and the ability to walk to work will be as essential as Crossrail and catching the Boeing Dreamliner to Beijing.
Places can enable business or hinder it. The challenge for London’s developers in an increasingly competitive and fast moving global market is this: Enable businesses to be where the talent is, where the money is, where their customers are and where their people can work and socialise together in a connected, flexible and liveable way.
Sir George Iacobescu is the chairman and chief executive of Canary Wharf Group. Alongside fellow developers, the story of Canary Wharf will be told at The Developing City exhibition, which opens in London in June.