LREF 2016: As the number of financial services workers in the City of London shrinks, what can developers and the City of London Corporation do to attract the next generation of occupiers?
That was the main point of debate at a panel discussion chaired by JLL head of UK research Jon Neale.
Developers need to prioritise independent retailers and food and beverage providers, said Brookfield Office Properties’ Martin Wallace.
The percentage of rental income from retail was so small that creating interesting places where the millennial workforce wants to go to get their sandwich, beer or shopping after work should be a priority, he said.
The average salary for Amazon workers at Brookfield’s Principal Place, EC2, will be £35,000.
“He’s not going to be popping down the road and buying a Hermes tie at the Royal Exchange on that salary,” Wallace said. “There’s still not enough diversity in the City.”
Land Securities leasing and sales director Oliver Knight said his team was focusing on turning those familiar buzzwords of “productivity, collaboration, talent and wellbeing” into something tangible in new developments.
The footloose nature of occupiers today, he said, meant they needed to start engaging with their customer base, working out what they needed from their real estate and with technology advancements create a reason for people to come to work in an office.
The City of London Corporation’s focus was on retaining that provision of bars and restaurants, lanes and alleys in the City, which are vital meeting points and increasingly, places of work, said chief planning officer Annie Hampson.
However, there was optimism that the City would continue to attract occupiers.
London’s population is moving east. Six boroughs just to the east of the City together hold 45% of the capital’s entire London supply. “That is a huge opportunity for the City,” said Neale.
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