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The Elizabeth line is due to open in
2018 and will be transformational
in the movement of people around
the capital, regeneration and public
realm improvement. Ten new stations,
with step free access, will improve
the commuting experience for all.
The new infrastructure will open
up new areas to the east and west,
as well as reinvigorating activity
around a number of existing tube
stations. Values, for both residential
and commercial property along the
line will have increased in five years’
time, outperforming areas outside
the line’s sphere of influence. Existing
commercial hubs will be reinforced,
with Canary Wharf anticipated to
be the main beneficiary in terms
of the expansion of its workforce
catchment. This will bolster the
feasibility of both residential and
commercial development in the
wider area and significantly improve
the 60 minute journey catchment.
Meanwhile Farringdon will have the
largest catchment area of any of the
Elizabeth line stations. Other obvious
beneficiaries include: Whitechapel
(shifting from a peripheral location
to a genuine commercial centre),
and Tottenham Court Road (pulling
the locus of retailing east along
Oxford Street).
If negotiations go to plan, the UK will
have left the EU in five years’ time
and both the political and business
landscape may be very different from
today. By 2021, the London economy
is expected to be on a solid footing,
having recovered from a slowdown
in the immediate aftermath of the
vote to leave. Depending on the
outcome to trade negotiations, some
banking operations may move into
the EU, but the capital’s tenant mix
will have diversified and technology
companies will hold sway. Total
ICT employment numbers in Inner
London are expected to outstrip
financial services by 2021, with
ICT employment forecast to have
increased by 22,000 jobs over the
next five years as banking & financial
services employment declines. The
freelance economy will have grown,
in part following existing trends but
accelerated by new startups that are
created whenever the economy
slows down.
Independent UK
Elizabeth Line
London’s
economy
expected
to recover
from EU
aftermath
Key Events
on London’s
Five Year
Horizon
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COVER STORY
CUSHMAN & WAKEFIELD