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Spotlight: London Mixed Use Development

Research Article

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The capital needs a combination of more homes and workplaces beyond central London

■ London needs 64,000 new homes a year, a 28% increase on our 2013 estimate of 50,000 new homes a year, to take account of population growth as well as projected employment growth on the back of the capital’s strong economic performance.

■ This growing number of employees will also need 20m sq ft of additional office space over the next five years, the equivalent of increasing the City of London by 25%.

■ On an annual basis we need to build 4 million sq ft of new offices, the equivalent of 1% of existing stock. This compares with a residential demand for an increase of 1.9% of existing housing stock every year (55 m sq ft).

■ Combining both residential and commercial uses enables us to intensify development and make better use of land to address our shortfall of housing and affordable employment space.

■ There is tremendous potential outside central London. We have identified eight hotspots which are growing employment centres where mixed use development is suitable.

■ With the differential between office rents in central locations and outer London markets the highest since 2007, these locations could provide options for more price sensitive occupiers to relocate. Development in these areas would also enable London’s workforce to live closer to work in more affordably priced homes.

■ Land can be found by increasing densities around transport corridors, creating new vibrant places to live and work. Bold action is needed.

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