EMERGING LONDON 2018

SPOTLIGHT ON INTERNATIONAL TRENDS INTERNATIONAL TRENDS 68 CUSHMAN & WAKEFIELD  | EMERGING LONDON CUSHMAN & WAKEFIELD  | EMERGING LONDON 69 The historic Schanzenviertel (Schanzen quarter) is, perversely, one of Hamburg’s newest districts, gaining its official designation as Sternschanze as recently as 2008. Known locally simply as the Schanze (German for a 17th century star-shaped fortification that protected Hamburg from foreign invaders) the area is now focused on letting people in rather than keeping them out. Located in the north-west of Hamburg city centre, the Schanze retains much of the alternative cultural vibe for which it became well-known in the 1970s and 1980s. This is epitomised by the Rote Flora, a semi-derelict former theatre, which remains as a vivid reminder of the area’s recent past. However, a concerted period of property redevelopment over the last decade has seen a shift away from the Schanze’s working-class roots, towards a newer, more diverse and eclectic demographic. While the nearby Reeperbahn and St Pauli districts are tourist magnets, the Schanze, which benefits from excellent suburban rail and metro connections, has so far managed to retain an authentic bohemian feel and therefore is still largely populated and frequented by locals. Although mainstream retailers are finding their way into the occasional unit, independent establishments predominate, from ahead-of-the-curve boutiques through hip cafés to achingly trendy bars and clubs. This occupational shift has allowed landlords to renovate previously dilapidated premises. As a result, the Schanze has seen some of Hamburg’s highest rental increases in recent years, with further redevelopment likely over the coming decade. Not much more than a hop, skip and a jump across the East River from the glitz of Manhattan’s Midtown, the landscape around Grand Street is more industrial warehouse than showy office blocks. That hasn’t stopped a new generation of entrepreneurial whizz kids moving in, whose occupation of revamped apartment blocks has brought funky shops and decent coffee houses in their wake. Rather than trekking across to Manhattan every day a lot of these residents are staffing the tech companies (both start-ups and scale-ups) which are increasingly calling the Brooklyn sub-district of Williamsburg home. The hippest end of the street is to the west, closest to Manhattan, where international tourists mingle with Williamsburg’s creatives and hipsters. Unsurprisingly, this part of Grand Street has become a prime location for pop-ups and a go-to neighbourhood for emerging designers, up-and-coming brands and disruptive start-ups. It is a sharp contrast to the eastern end of the street, that morphs into the industrial river hinterland of East Williamsburg. Renewed demand from industrial investors and occupiers for high-ceiling warehouse buildings here, which would previously have been converted to apartments or offices, means the gritty, authentic feel of East Williamsburg is likely to remain for the foreseeable future. Nevertheless, plenty more development opportunities are expected to emerge along the length of Grand Street over the next few years, ensuring a continued process of change. SCHANZENVIERTEL/ STERNSCHANZE HAMBURG, GERMANY GRAND STREET BROOKLYN, NEW YORK, USA INTERNATIONAL TRENDS Spotlight on