COMMENT When does the pandemic end and when does the recovery begin? For those looking for a line in the sand or attempting to predict the future, stop. The world is going to make little sense for a good while. Those who do well in this era will do well to stick to fundamentals and to recognise everything has changed while nothing has changed.
Strong city leadership was important before the pandemic. It is even more important now. Cities that know how to work closely with serious investors will continue to do well. Those that delay and fiddle around will fall further behind. Sheffield understands this reality.
The pandemic and resulting lockdown have seen renewed efforts to rewire how the city’s institutions work together. A powerful business voice, from organisations like the Sheffield Property Association, is helping to build investor confidence and stimulate demand. That voice is already having an impact. L&G’s £150m investment in the city in the height of the lockdown is evidence of that.
That confidence comes through focusing on fundamentals. Cities such as Sheffield have compelling features. Some 60% of our city is green space. One-third of Sheffield is located in the Peak District. Sheffield is the outdoor city. A city where many decisions are made in boardrooms and council offices about how to enhance health and wellbeing in every community. A city where we have a laser-like focus on offering a lifestyle that attracts and retains talent now turned off by cramped and overcrowded megacities.
The changing role of city centres
The role of city centres will undoubtedly change forever. The high street was on its knees before the pandemic. It is face down after the virus.
In Sheffield, the changed city centre we were delivering before the pandemic has become even more compelling after the pandemic. The flagship £450m Heart of the City II development was already reimagining our city centre away from retail before Covid-19 hit.
Working with the traditional street layout, modern and existing architecture is being combined to provide sophisticated and high-quality places to work, live, shop and visit. As we emerge from lockdown the scheme is further ahead of the curve as it confirms new occupier deals with Radisson Blu, HSBC and the global law firm CMS.
The stain of inequality
Inequality in our cities was a stain on our collective conscious up and down the country before Covid-19. The health impacts of the virus on cramped and deprived communities has shown those inequalities to be even more glaring.
Voices from the property community have a role to play in demanding more and demanding better of our politicians and ourselves. This does not need to be confrontational. This needs to be about partnership. The dash to digital working has made this easier.
Politicians and business leaders in Sheffield have spent months on video calls grappling with what a realistic economic recovery plan looks like. This is no time to try to redesign capitalism.
Communities and businesses need immediate relief and support to help them recover. Engagement like this would not have been possible before the pandemic. There is something about video calls that lowers defences and raises expectations. Old hierarchies and power structures have been replaced with new collegiality.
That new camaraderie founded under siege will serve our city well.
The road to recover
A lot of what we have done and what we are thinking about as a city is articulated in a report now published by the Sheffield Property Association. It describes a shared vision among our membership to drive end investment values and provide benefit to every community by creating better places in which to live and work.
We knew before the virus that we had an important role to play in the city. A new type of business voice as the only formally constituted property association outside of London. We know that voice has grown more important now. We have a strong foundation upon which to build.
The report by independent consultant Kada Research has found the Sheffield economy has been less exposed to Covid-19 than most “core” English cities. Sheffield’s property sector is well placed heading into the “corona age”.
That foundation gives us reason to be confident amid challenging economic data.
In Sheffield, the task of rewiring the city has accelerated. Candidates for a new council chief executive have been grilled in recent weeks. Business and political leaders have sought common cause to build back better. We all have a role to play. That was true before. It remains truer today. The one thing not to change is the power of partnership.
Martin McKervey is chair of the Sheffield Property Association
