Location focus: new developments in the London commercial property market
Insight
Location focus: new developments in the London commercial property market
It’s been a time of great transformation for many businesses.
Almost every organisation has needed to change the way they work in order to survive.
For some, the rapid adoption of remote working not only proved successful during the pandemic but looks set to shape future workplace strategies.
This is not to say that we’ve seen the last of the physical workplace. But it too is in for some big changes over the coming years as it evolves into a space that’s geared towards facilitating the social interaction that staff are craving after more than a year of isolation.
This being the case, we have no doubt that an office move may be on the cards for many businesses who are discovering that their current workplace is no longer suited to their changing needs.
Moving into a brand-new, ultra-sustainable development that has been specifically designed to support staff wellbeing is a fantastic, future-proof option for businesses in this predicament.
TDA is passionate about guiding businesses through this process and helping them to select the perfect location.
We therefore decided to round-up the most exciting new commercial real estate prospects in various locations around the UK to help businesses to plan their next move. Starting with the Capital.
Bouncing back
London has been a bit of a ghost town of late. But as restrictions ease and the success of the UK’s vaccine rollout continues, footfall is increasing and the city is beginning to feel more like itself again.
That said, the London construction industry has remained hard at work throughout the pandemic. In fact, according to Knight Frank, 5.8 million sq ft of office space is still due to complete this year, of which 2.6 million sq ft was started without a tenant lined up.1 Meaning there are plenty of options out there for businesses who are on the hunt for a new workplace that attracts their staff back to the office while demonstrating their commitment to sustainability, innovation and wellbeing.
Here are some new developments we’ve been keeping an eye on:
1 & 2 Broadgate
Just a stone’s throw away from Liverpool Street station, this iconic City location is currently being redeveloped to provide over 500,000 sq ft of the most sustainable, mixed-use commercial space in London.
The upper floors will offer shell & core office space ideal for any business looking for premises with easy access to Crossrail’s new Elizabeth line, which looks set to launch as soon as spring 2022.
22 Bishopsgate
Also known as TwentyTwo, 22 Bishopsgate is another impressive and highly sought-after City location with plenty of Grade A office space on offer.
Wellbeing was clearly high on the agenda when this epic skyscraper was designed. As well as restaurants, a gym and a Sky Bar it also boasts an entire floor dedicated to looking after workers’ health and wellness needs.
Lucent
For those that prefer the bright lights and buzzing atmosphere of the West End, Lucent, which is currently being developed by Landsec, is certainly one to watch.
Biophilic design elements such as green spaces and natural light take centre stage in this “urban oasis” where workers are given the “space to think, to innovate and recharge at the intersection of London’s most vibrant neighbourhoods”.2 An icon in the making? We think so.
The Forge
Areas around London Bridge such as Southbank and Southwark are up and coming in the commercial property market. Look no further than another of Landsec’s latest developments The Forge for proof.
Set just behind the Tate Modern, this ambitious, 139,000 sq ft development aims to be the UK’s first net zero carbon building, making it the ideal location for any business that is serious about sustainability and tackling the climate crisis.
100 Leadenhall
This may be a long way off, but with a nickname like “The Diamond”, we think the development of 100 Leadenhall is well worth a mention.
This mixed-use development will be one of the largest commercial towers in London, consisting of approximately 1 million sq ft of office space and amenities across 56 storeys.
What’s more, development advisors London & Oriental have set ambitious sustainability targets for the building, which they hope will become the first net carbon zero commercial skyscraper in the City of London.
Areas to watch
While uncertainty due to the pandemic has made it difficult to predict which areas of the capital are on the verge of becoming the next key business hub, according to commercial property expert Kim White at Kinney Green, some locations have seen a notable growth in interest.
For example, the Lloyds Computer Centre (Sampson House) and the area around Hopton Street is due for a revamp while the areas surrounding Blackfriars Road and South of Blackfriars Bridge also have excellent development potential.
Meanwhile, Hammersmith and Paddington have become increasingly popular with biotech and biopharma companies, which are particularly attracted to these locations due to their excellent transport links to the Reading, Oxford and Cambridge Arc (ROC).
If you’re planning for your business’ future and would like to speak to one of our commercial property experts about relocating to a new workplace that will help to achieve your vision, why not get in touch and let’s talk it through.
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