The City of London plans to convert empty office buildings into 1,500 new homes as part of a recovery plan to boost Square Mile after it was hit hard by the economic fallout from the Covid-19 pandemic.
Kyiv. Ukraine. Ukraine Gate – April 28, 2021 – Entrepreneurs
The executing company, City of London Corporation, said it must adapt to “post-pandemic social trends” to ensure it maintains its position as a leading global ecosystem, according to a new report by the recovery task force titled The Square Mile: Future City.
The foundation added that it will work with the real estate sector to search for “ways to use vacant space” by targeting at least 1,500 new housing units by 2030 through “sustainable, resilient and adaptive buildings.”
“Hope is now on the horizon as our economy begins to open up again and bring life back to a semblance of normalcy in the city,” William Russell, Mayor of London, said on Tuesday.
This report shows how we can build on this momentum and build back better. The future of Square Mile is bright and we will rise to the challenge of adapting to the new normal that emerges after the pandemic. ”
The Covid-19 crisis is reshaping the office space sector as employers choose shorter leases and more employees work remotely, forcing service providers to adapt their businesses and properties.
The pandemic forced London’s 500,000 workforces to stay home during three lockdowns in England, closing unnecessary cafes, restaurants, and stores.
And in January, when the financial district was mired in a third lockdown, Russell told The National that many of the major Square Mile-based firms were planning three days of work a week after the pandemic, with office workers adopting the hybrid business model. To divide. Their time between home and office.
Aleister Moss, City of London Company
“We will work closely with the real estate sector to promote the increasingly sustainable, resilient, and adaptive buildings in which people will thrive. It will also be imperative to continue proving our supportive infrastructure in the future, create more stunning public spaces, and speed up plans for “Make our streets more accessible,” said Aleister Moss, Head of Planning and Transportation at the City of London Corporation.
“Investors and developers continue to have confidence in the future of the city office market and our planning pipeline are very busy. This is in anticipation of stockpiling workspace as more people are returning to Square Mile as a prominent place of business in a world-class environment. ”
Other proposals include a focus on digital infrastructures, such as a shared 5G network that is scheduled to be completed in the financial district by the end of next year.
Support will also be provided to develop renewable energy, heating networks, and smart grid infrastructure to enable the financial district to move to net-zero.
The foundation will begin creating many pedestrian streets and participating in the London E-Scooters Experience as part of its plans to improve public spaces, encourage more walking and jogging and allow communities to grow.
Catherine McGuinness, head of policy at City of London Corporation, said companies remain committed to maintaining a central hub in London, but how they operate “will inevitably change to reflect post-pandemic trends, such as hybrid and flexible work.”
“The Square Mile must evolve in order to provide an ecosystem that remains attractive to workers, visitors, learners, and residents,” said Ms. McGuinness.
“This will include encouraging growth, nurturing talents from all backgrounds, providing a vibrant entertainment show, and providing wonderful environments.”
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Source: Ukrgate
