_London’s newest buildings: The next wave of London’s commercial real estate

Historically, companies’ focus tended towards maximising profit through reducing capital expenditure; real estate was often a key area in which it was perceived margins could be increased. A drive for large, efficient floorplates with high occupational densities drove commercial real estate design during the 1980s, 1990s and 2000s.

However, attention has turned to potential gains in productivity and staff satisfaction, which has impacted building design. In addition, as technological advances made moving back office functions to cheaper locations a possibility, the focus turned to attracting and retaining talent in front office functions. 

A study by the British Council for Offices found that around 55% of underlying business costs are staff-related, with just 15% being directly related to real estate. By this logic, it makes good business sense for a company to limit the costs involved with staff turnover by creating a desirable, rather than simply efficient, workplace.

The WestWorks

White City Place, W12

White City Place forms part of the redevelopment of the former BBC West London campus, providing almost 800,000 sq ft of office space amid re-modelled public realm.

The WestWorks, a comprehensive 290,000 sq ft refurbishment, encourages collaboration and innovation through its interactive design and unique offering. In addition to a 100-seater recording studio, the building provides a vibrant arrival experience with relaxed meeting areas, both to lend an air of informality to the building and to take the strain off occupiers’ meeting rooms.

In addition, occupiers can access a communal 12,000 sq ft terrace and a pavilion, both of which are available to hire for private events.

Bloomberg

3 Queen Victoria Street, EC4

Sustainability and community are central to the design of Bloomberg’s new bespoke European HQ, a 760,000 sq ft building on a 3.2 acre site between Bank and Cannon Street stations.

The building achieved the highest design-stage BREEAM score ever achieved by any major office development in the world, using natural ventilation, a smart airflow system, and combined heat and power generation. 

Inside, the building design encourages collaboration. Upon entry, staff and visitors alike are directed to the sixth floor ‘Pantry’ area, offering a place to meet and greet with free coffee and food, located around a central ‘triple helix’ staircase with access to all floors.

The retail at ground floor level has been carefully chosen to encourage the staff within the building to socialise there at lunch and in the evening.

International Quarter London

Stratford, E20

The International Quarter London forms part of the redevelopment of the Queen Elizabeth Olympic Park, Europe’s largest urban development.

The mixed-use scheme has the capacity to provide 4 m sq ft of workspace alongside residential, retail and leisure accommodation. 

Wellbeing forms a major part of the scheme’s design; staff can access the Park’s sporting facilities along with the open spaces, while the buildings themselves are adaptable and designed to accommodate more agile ways of working.

Connectivity will also be a major factor in the scheme’s future. The area is currently served by mainline services, the High Speed 1 rail line, the Docklands Light Railway, TfL Overground services, the Jubilee and Central lines, and from 2019, the Elizabeth line.

Battersea Power Station

Battersea Power Station, SW11

The regeneration of the iconic Grade II* listed building and surrounding area will provide a minimum of 1.25 m sq ft of offices along with extensive residential, retail, leisure and public spaces.

Once complete, the regeneration of the 42-acre site will include: a 2,000 capacity event venue within the Power Station itself; 40 cafés and restaurants; 250 shops and food and beverage outlets; 18 acres of public space; and a new zone one tube station. In addition, the site will provide 4,364 new homes.

Apple has already committed to 500,000 sq ft in the Power Station; its new London campus is expected to be operational in 2021 and will initially house around 1,400 Apple employees from existing offices around London, with space for future headcount growth. 

The northern section of Phase 3 designed by Foster & Partners has been pre-let to The Art Hotel, which will provide 163 rooms with the benefit of a rooftop pool.

The Central London office market is currently undergoing a period of significant change – but with big change comes great opportunity. Our latest report provides occupiers and investors with thoughts and guidance for the year ahead as the Central London office market continues to shift.