How can a London slavishly devoted for half a century to random high-rise office developments cope with a one-third collapse in the demand for office space? It will not reverse. In Germany, the fall in demand is more than a half, and in New York even the Empire State Building is in trouble.
I'm not so sure, myself. I think it'll reach equilibrium.
And don't plan on a penthouse view of London at 3 bed semi in Dagenham prices just yet...
As for the future of offices, goodness knows. Germany is pioneering low-cost housing conversion. But it is not easy to convert a 40-storey office block into family living. Replumbing is a nightmare while servicing a tower is vastly more expensive than a terrace or low-rise block.
And the cost of pulling them down will be even higher.
Canary Wharf was, in truth, an attempt by the state to thwart the natural evolution of the city. It traduced its own history as it pillaged adjacent Poplar. It will in time morph into line with east London’s historic character, to be where less affluent people live. It will be none the worse for that, though it may then wish it had kept the old warehouses.
We'll see. I'm betting the market will find another solution.
3 comments:
“Dagenham prices” … has a certain je ne sais quoi about it, think you not? 🤔
"“Dagenham prices” … has a certain je ne sais quoi about it, think you not? 🤔"
😉
If the markets gets to decide. We all know that our glorious leaders like to choose and every time they do they choose poorly.
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