EMERGING LONDON 2018

11 10 CUSHMAN & WAKEFIELD  | EMERGING LONDON KEYNOTE | C&W MARKET VIEW And you’ve recently started advising on the next phase of development of Canary Wharf. Are there any similarities with central London locations? Yes, the transport links will be superb once Crossrail is operational [late 2018], while the buildings (architects include Pilbrow and AHMM) will demonstrate a combination of excellence and humanity that will surprise everybody. You mention architects, but what does London’s property industry, which is ultimately responsible for much of the city’s built environment, excel at and what could it do better? Well, a massive and very wasteful anomaly of our industry is that we fit out offices to a high standard for marketing purposes, only to bin most of it when an occupier moves in. We should all agree that this is a huge waste of time and money, and terrible for the environment. The solution is simple: build to shell and core only. Hopefully this can be done voluntarily, though I’d back legislation if it was necessary and I suspect many of my colleagues would, too. And what do you think occupiers are looking for in London? Apart from well-designed buildings, they want to know if they are going to be able to recruit and retain the talent they need for their business to thrive. Assuming that they can recruit effectively, which parts of London are likely to appeal to big space office occupiers? The continuous rise in central London office rents can only result in occupiers becoming more footloose and considering destinations as diverse as Wood Wharf to the east and Elephant & Castle to the south. I sense the South Bank is evolving from a sought-after but relatively small location, to becoming a very significant part of the makeup of London’s office supply. This is a major shift for the capital, as in the past the Thames was seen as a boundary. But the plans from Vauxhall to Battersea (see pages 42-47) suggest fundamental change is well underway. RICHARD HOWARD INTERNATIONAL PARTNER, HEAD OF CENTRAL LONDON LEASING How do you describe your role, in a nutshell? Managing the central London leasing team involves first and foremost keeping in direct contact with key clients and ensuring that all of the work we do (for example, at King’s Cross) is consistently of a high standard. Coordinating new business wins is also a priority for me. You’ve worked on a wide selection of major mixed-use schemes across central London. Which are the key common factors that made these developments successful places for people? Good transport links, an active ground floor, office occupiers who add value, and an honest, authentic presentation are ‘must haves’. Carefully integrating uses is massively important, too. You spend a lot of time visiting urban regeneration and transformation Could that be to the detriment of locations north of the river? Not at all. Schemes like Brent Cross South (see pages 50-53) and Wembley Park (see pages 36-41) are sure to attract a new generation of Londoners. They will supply excellent environments with superb transport links. Importantly, they will address the issue of providing workspace and affordable living space in the same location. We shouldn’t underestimate the potential draw this will have. Does this mean that across London increasing numbers of people will be beneficial to the retail/leisure mix? Absolutely. Outside the property world people use ground floor amenities as everyday reference points. Ask someone to meet you at the Chipperfield building at King’s Cross, for instance, and they may be flummoxed. Tell them it’s the one where Vinoteca is, and there is likely to be instant recognition. That demonstrates how important retail/leisure is to the whole composition of an area. projects across Europe and the USA; what are the most interesting learnings you have brought back to London? Design should always take precedence over specification. Take London’s Tea Building (in Shoreditch): one of the most popular offices in a major global city and its appeal is all about its authenticity and design, not its specification. The same principle applies to modern buildings. Even a new tower can be given soul and a sense of attractiveness – Barangaroo in Sydney is a great example of this. You have been involved with King’s Cross since the inception of its redevelopment. To what do you ascribe its phenomenal success? Google’s presence for sure, while the University of the Arts is also a major catalyst. A masterstroke for King’s Cross is a total agnosticism about the tenant line up – from Louis Vuitton to a housing association – and as a result it feels like an authentic part of London. Choosing ground floor operators, like restaurant Caravan, who are spiritually at home there, (rather than simply being able to pay the highest rent) is an astute move. However, its worth noting that external factors (such as the refurbishment of St Pancras) have also played an important part. London is undergoing exciting changes. Two Cushman & Wakefield senior executives consider the key factors influencing the capital’s future and the practical implications of the city’s growth on urban real estate development. C&W MARKET VIEW: Q&A WITH RICHARD HOWARD AND RICHARD PICKERING How does it feel to be working on some of London’s most significant developments? It is simply a privilege. Without wishing to sound like a candidate on The Apprentice, I am massively passionate about my job and cannot quite believe how lucky I am. Working together with amazing people on developments which are redrawing the map of London is what really sets this job apart. Where else could I be holding the King’s Cross falcon on my hand one day, and zooming above the capital in a helicopter the next? I love it. The continuous rise in central London office rents can only result in occupiers becoming more footloose. Amassive and very wasteful anomaly of our industry is that we fit out offices to a high standard for marketing purposes... we should all agree that this is a huge waste of time and money, and terrible for the environment.