There is so much talk about the return to the office, but what about a return to the arts, culture and entertainment?
Nobody truly knows what the future holds and how society’s priorities have changed over the past year. What we do know is that the importance of art and culture cannot be underestimated. It is what lifts us from survival to truly living, both as individuals and as communities.
See also: Click here to read EG’s latest UK Cities Investor Guide
Here, as part of an EG UK Cities webinar, we ask experts from across the spectrum how important it is to the real estate sector and what it means for the future of buildings and places.
For Ros Morgan, chief executive of the Heart of London Business Alliance, a BID focused on bringing life back to the West End, it couldn’t be more important.
She highlights how many businesses in the West End failed to attract people back during the first unlockings, because the cultural institutions and theatres were not permitted to open, meaning the draw just wasn’t there. That realisation, she says, has led to a renewed appreciation of the importance of art and culture.
Adam Bray, director of customer and place strategy at Savills, says art and culture has an important role to play in shifting people’s mindset about returning to cities and the office.
He says: “What we’re seeing is people wanting to come out, but needing that reassurance, needing that sort of gentle nudge in a way that affords social distancing, because while the physical elements hopefully are soon to be overcome, the psychological barrier to returning to normal life is going to be the biggest leap.
“The return to the office needs to move from duty to desire. How do we really make sure people can feel reassured, feel safe and want to come back? And at the heart of it is the idea of community cohesion and how art and culture in public spaces can bring about public value. So, it’s not just about nice art in glass shiny towers, but actually creating art that is democratic, that is inclusive and that people really want to be a part of.”
This power of art and culture in driving people to places is not lost on investors either, says Paul Alger, a partner at law firm Shoosmiths. “The big institutional landlords will be wanting to drive desire for office occupation as much as anything,” he says. “And I think part of that picture is going to be placemaking and creating an environment in which people can do as much as they like.”
For Arik Kogan, vice president of financial and investment solutions at MRI Software, the key to bringing people back into towns, cities and offices will be all about the experience.
“While the social aspect of getting out into the community and interacting with other human beings is a big driver, there needs to be an experience at the other end of that that is personal and really speaks. An experience that is worth the effort of getting on a train or getting on the subway or getting in a cab,” says Kogan.
He adds: “A lot of our clients are coming to us really trying to address two elements of this in the context of buildings. They need to create a new type of experience – whether you’re talking retail or office or other. So, you’ll see malls starting to incorporate a lot more food because that brings people out of their homes. They’ll start to incorporate things like medical centres, spas and art and museums because shopping alone, and consumer goods alone, are not going to drive people out of their homes.
“And from an investment perspective, clients are investing in not just a building, but an area, a space, a location that that building resides in. Communal events and attractions are going to be an important element of where and how people invest in real estate.”
It’s clear that arts and culture have a vital role in the real estate sphere, whether it is occupiers trying to get their people back into offices or investors seeking to future proof their assets by making them universally attractive.
The real estate industry evidently sees the value of the arts. Heart of London’s Morgan isn’t convinced that government does, however. “The key area, the only real area where we are unique is in the combination of culture, heritage and experience that we can offer that, quite frankly, I don’t believe other cities can,” says Morgan. “I think we’ve all realised that and now what we want to do is build and grow that.”
She adds: “I believe that culture and art is going to get us out of crisis and into recovery, if government helps to support it more than it is currently doing.”
Panel
- Paul Alger, partner, Shoosmiths
- Adam Bray, director of customer and place strategy, Savills
- Arik Kogan, vice president of financial and investment solutions, MRI Software
- Ros Morgan, chief executive, Heart of London Business Alliance
- Chair: Julia Cahill, associate editor, EG
To watch the webinar, go to: The Future of UK Cities – a return to art, life and play
EG’s UK Cities Guide is available with this week’s edition of the magazine and in the EG app
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
