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W
e live in dynamic and
unpredictable times. The Brexit
vote will be a key characteristic of
the market over the next five years.
Despite the initial shock passing,
there is undoubtedly turbulence
to come as the UK defines and
transitions to a new series of
relationships with the wider world.
And there are bigger factors at play.
Even following the vote, UK growth
is predicted to run ahead of Europe’s
next year, with further elections on
the continent potentially throwing up
new surprises.
The placid waters of the past
seven years have perhaps lulled us
into a false sense of security. On a
global stage, political stability looks
to be at its most precarious for many
years. And in capital markets, yields
on all asset classes have ventured
into unprecedentedly low territories.
Meanwhile, huge technological
changes sweeping through all
industries are leaving many wondering
how different the world might look in
the not too distant future.
In times of uncertainty it is human
nature (and empirical fact) that we
try to find a foothold in something
that is safe and will endure. That is
why London will continue to prosper.
Although it is a century since our
capital was the largest city in the
world (1825-1915), it has played a
pivotal role on the global stage
for most of the past two thousand
years. Most recently it has been at
the centre of world culture, finance,
and tourism. However going further
back it was a focus for religion, for
the world’s largest empire and for
innovation in the fields of trade and
automation. The passage of time
may create a new raison d’etre for
London, but there is every reason to
be confident that it will be a world
leading one.
Testament to the prospect for
positive change, one only need look
back at what has been achieved over
five years. Five years ago (as was the
case 350 years ago) London was on
fire; its streets plagued by rioting and
looting. However, in the years that
followed, London played host to one
of the greatest Olympics of all time,
our future King was born, three new
iconic towers appeared on the City
skyline and our first Muslim Mayor
was elected.
In this following section, we look
ahead to key events within the next
five year horizon that will shape
London’s future growth.
As we approach the end of 2016, it seems timely
to look forward, and very briefly backwards.
COVER STORY
By Elaine Rossall,
Head of London
Markets Research
London in Five Years’ Time
03
COVER STORY
CUSHMAN & WAKEFIELD