Following Sadiq Khan’s triumph over Conservative rival Zac Goldsmith in the London mayoral elections, agents have been keen to outline what the property sector needs from the winning candidate.
Housing remained the focus, as Adam Challis, head of JLL residential research, warned it was not ideas that counted, but how successfully Khan was able to deliver them.
From a commercial perspective, Matt Oakley, head of Savills commercial research, said: “Rising office costs, next year’s looming business rates revaluation – which is set to hike bills for many London retailers – and providing more incubator space for London start-ups are all matters which require strong leadership to find solutions to enable London to retain its position as a centre of global business and innovation.”
Investment into infrastructure is also key to ensure London retains its spot as a global business city.
Miles Gibson, head of UK research, CBRE UK, said while adverse global economic conditions, a failure to attract global talent and a risk of London becoming a less open and less cosmopolitan place were risks outside the mayor’s direct control, each needed a “careful plan” to manage their impact on the capital.
He added: “There are however key areas, specifically housing planning, investment in infrastructure and ensuring London’s placemaking continues to be world class, which must be capitalised upon if it is to prove a successful term in office.
“To date there has been little detail on how the new mayor’s manifesto will be funded, in particular the infrastructure investment and proposed surface transport improvements. It is the detail behind these numbers which is most eagerly anticipated by the property industry.”
Chris Ireland, UK chairman and incoming JLL chief executive, agreed. He stressed need for bold urban transformations that met London’s demands. “Khan has said that he is determined to be the most ‘pro-business mayor of London yet’. It will be interesting to see the effect of his ideas, especially in relation to aviation capacity and seeking additional fundraising powers from the government for major infrastructure projects,” he said.
“Competition for investment is increasingly between cities rather than between countries. To keep London at the forefront of this it is important that the city is seen as open for business.”
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