Although Brexit-related uncertainty has been a cloud over London’s future, the city’s continued attractiveness to business and residents is evident in its tech sector. Since the referendum vote in 2016, tech heavyweights Apple, Facebook and Google have approved plans for new offices in London. Also, in 2018 London attracted more international tech workers than any other city in Europe, according to London & Partners research. Its rich cultural offerings and numerous cafes and parks – plus some major redevelopments – all create an environment that is highly supportive of CRE.
The redevelopment of areas such as Kings Cross and the Battersea Power Station highlight the role of innovation, creativity and inspiration in London’s resilience as a dynamic city. With a mixture of residential, office, retail and improved leisure amenities, these areas have become vibrant new micro-locations for people to work, live and play.
Hamish Smith, Head of UK, Research & Strategy, Savills IM said, “London tops five of our six categories. When it comes to cities that people are inspired to live and work in, while arts and cultural activities play an important role, London really stands out from its European counterparts with its abundance of parks and cafes, which explain its high score for Inspiration. Residents are spoilt for choice of places to meet, work, relax and exchange ideas. But this is just one of many reasons why this world-class city stands in good stead to weather the uncertainties posed by Brexit.
“Dynamic Cities focuses on factors that are essential considerations for commercial real estate investors. These factors underpin cities’ abilities to attract and retain talent, spur innovation and increase productivity, all of which are essential for commercial real estate markets over the long term.
“A city’s attractiveness for long-term real estate investment is fundamentally linked to whether people are inspired to live, work and play there. But modern-day factors such as disruptive technology, ageing populations, urbanisation and environmental challenges mean it is also vital to identify locations that will be resilient to change.”
Jules Pipe, London Deputy Mayor for Planning, Regeneration and Skills said, “London is the best city in the world – creative, diverse and full of opportunity. I’m pleased to see our capital maintain its position as the most dynamic city in Europe for a third year running. Although there is Brexit uncertainty around the capital, London is open for investment and business from around the globe, and whatever the outcome of Brexit, this will never change.”