The Corporation has released new images visualising how the Square Mile’s skyline will look once all planning permissions have been constructed, ahead of attending Europe’s largest real estate conference (MIPIM), next week.
New computer-generated imagery (CGI) captures all major developments which have been approved or resolved to approve by the Corporation’s Planning and Transportation Committee, over a ten-year period.
As the Corporation prepares to attend MIPIM alongside a team of national, major cities, delegates will demonstrate to the world’s developers and investors, that the UK, through the , is the best place to build and invest.
City research highlights the need for at least 1.2 million square metres of additional office space by 2040 to maintain the City’s global competitiveness and according to global property consultancy Knight Frank, availability in newly constructed, sustainable office buildings, has fallen to 0.5 per cent in the . It was also reported that the City’s tallest office building at 22 Bishopsgate, had recently become 100% let.
The City Cluster to the east and long-established tall buildings area, will accommodate much of this growth, alongside strategies to encourage the retrofit of existing stock, drive down emissions, celebrate our extraordinary legacy of historic buildings, and promote the Square Mile as an inclusive destination for all. These office developments will not only drive economic growth, but also provide accommodation for tens of thousands of additional jobs over the next decade in key industries.
City worker numbers are rising rapidly and demand for high quality, sustainable office space is expected to remain high, as estimates based on GLA data show that job numbers should grow from 687,000 to well over 700,000 by 2040.
The City, with its 800-year history as a financial hub, plays a key role in the national economy, generating over £97bn annually and accounting for one in five financial services jobs in Great Britain. It also contributes £1.2bn in business rates. The City Corporation’s growth strategy for the Square Mile, ‘Destination City,’ and the new local plan, ‘City Plan 2040,’ align with these objectives, as well as that of the London Growth Plan, released last week.
In the decade ahead, the City aims to be not just a global magnet for international talent and finance, but a global magnet as a place. The Square Mile has a unique and diverse offer. Its unrivalled history and heritage, world-class arts and culture, open spaces, restaurants, cafes, pubs, and bars attract tens of millions of domestic and international visitors each year.
Policy Chairman of the Corporation, Chris Hayward, said:
“The is the greatest City in the world. A global economic powerhouse, an ancient city and a centre of collaboration and innovation for the hundreds of thousands of people who work here every day. These new images clearly illustrate the ever-changing nature of London’s incredible skyline and that the Square Mile’s real estate sector is robust and thriving
“Delivering growth and attracting new businesses to a dynamic and thriving City, whilst striking a balance with heritage conservation, is vital for the Square Mile’s future. Our growth strategy, ‘Destination City’ is maximising the Square Mile’s appeal for workers and employers by enabling developers and investors to deliver these new buildings, whilst offering a first-class culture, leisure, and hospitality scene.”
Image credit GMJ / Corporation
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