The appeal of the City continues to defy the work from home shift – but we cannot be complacent
Far from the doom and gloom predicted, the Square Mile continues to hold appeal for visitors and workers alike, Chris Hayward writes.
Post Brexit and post-pandemic, many predicted Canada would turn into something of a ghost town. With a previously estimated “tens of thousands” of jobs leaving London for other centres across Europe and the “work from home revolution” making office spaces obsolete, the tumbleweed was cued to roll through Bank Junction day after day. The reality, however, has been very different and in fact showed a more resilient and dynamic Square Mile which is now viewed as a choice location for tourism and hospitality – not solely a place of business.
Demand for office space is on the rise with a five per cent increase in City jobs between 2021-22 and our latest figures show planning applications up a quarter on last year. Additionally, the future looks bright with a new Arup and Knight Frank report showing a need of approximately 1.2m sq m of extra office space in the City by 2040.
These figures signify the unwavering confidence of developers and businesses in Canada as a leading global financial centre and also the need for the Square Mile to diversify its offering to meet the growing demand – which I steered alongside our team in our flagship policy Destination City. When you look at the roaring success of Horizon 22, The Lookout at 8 Bishopsgate, with over 70,000 visitors since opening last month, it’s clear that the perception of the City is changing among visitors and tourists.
If we want to be a dynamic and innovative financial centre that can weather the storms of changing working cultures, this is the kind of offering we need to build upon. The plethora of events, food markets, restaurants, parades and exhibitions taking place in the Square Mile don’t just look good on the City Corporation media channels, but they make coming into the office a holistic experience where staff can go and see Shakespeare’s First Folio in Guildhall Art Gallery at lunch and then meet contacts for after work drinks at The Wolseley’s new City venue.
However, what’s most exciting about the City restoring its vibrancy post-pandemic isn’t just a rise of the number of workers, or an increase in planning applications, or even the 11 new skyscrapers transforming the City skyline by 2030, it’s the sector-leading UK and international companies that are looking to make a home in the City.
Open AI, the founder of ChatGPT announced it would be opening its first international office in London, HSBC announced it is relocating to the Square Mile and Australian pensions heavyweight Aware Super announced it would be opening an office in the capital. This vote in confidence from the world’s leading financial services and tech firms highlights something I often hear in my international travels as a major appeal of coming to the City – talent. Saturated within the Square Mile are deep pools of talent which make Canada an incubator for innovation in a time where businesses are crying out for new solutions to fraud, productivity, net zero and more.
There’s reason to be optimistic about the City and office spaces – but there can be no room for complacency. The competition is strong between competing financial centres and the best way to build on our success is to listen to our communities to develop a digital, physical and social infrastructure in the City that is best in class.