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Having seen three inflection points over the course of my
career, the referendum vote, although unique in its facets,
is another challenge that will sooner (or more probably
later) be overcome. London has proved on successive
occasions that it has a capacity for reinvention, and there
is no reason to think that this time will be any different.
The prospect of Brexit has however caused a moment of
introspection within the industry. Beyond market cycles,
there are a number of factors conspiring to change the
landscape over the next five years that are without recent
precedent, and the impact of which will be profound. Many
of these are tech-enabled, but the drivers are often deeper
social changes.
For a business like ours we are reliant on attracting
the best talent, and this is increasingly drawn from more
diverse sources. The costs associated with living in London
are now prohibitive for some at the start of their careers,
and this is a central challenge for London businesses in the
near future. Marrying Millennial, and now Gen Z, aspirations
for ‘purpose’ with the divergent workplace requirements of
an older generation is also coming into sharper focus, and
directing us towards new ways of working that might seem
alien to a previous generation.
Digital automation is already within sight, and unlike
previous periods of innovation, this will impact on white
collar jobs in London. The property industry is in no way
immune, and it would be naive to think that commercial
agencies will be entirely insulated from the platform-based
models disrupting high street estate agencies. Adaptability
and a relentless focus on value, will define success. We are
mindful that our clients’ business models are also shifting.
The importance of designing in flexibility to major capital
projects, and anticipating trends that are not yet evident
is stretching established expertise, and precipitating
invention. Harnessing the explosion of data that is already
being created is daunting, but also genuinely exciting in
terms of the advancements that it might unlock.
Will working in the property industry in London be
different in five years? Almost certainly, yes. But I’m
confident that the changes will bring opportunity.
Adapting
to Change
By Digby Flower,
Chair UK &
Ireland, Head of London Markets
Old Oak Common, NW10
Developer
London & Regional / Car Giant / Network Rail /
London Borough of Hammersmith & Fulham
Nature of Scheme
Office, Residential, Retail
Delivery
2020+
Old Oak Common is the core 330 acre development
area, within the wider 1,600 acre Old Oak and Park Royal
Development Corporation (OPDC) which also includes the Park
Royal industrial area and Wormwood Scrubs. The vision for the
site is to deliver 25,500 new homes and 65,000 new jobs.
King’s Cross, N1C
Developer
Argent / AustralianSuper
Nature of Scheme
Office, Residential, Retail & Leisure
Delivery
2020+
King’s Cross is now a new London district with a combined
total of 8.4m sq ft of development including 3.4m sq ft
of workspace, 1,900 new homes and the Coal Drops Yard
retail scheme designed by Thomas Heatherwick.
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COVER STORY
CUSHMAN & WAKEFIELD