Crossrail to boost London’s commercial property marketOctober 17th, 2012 Category: Building Management
The creation of the Crossrail network in London should help to boost the city's commercial property market, new figures suggest.
Estimates from GVA indicate that the transport infrastructure upgrades could stimulate investment in business space across the capital. This could lead to about 3.25 million square metres of commercial space being delivered.
As a result, there could be a considerable surge in demand for facilities management specialists in the region, as businesses taking on new premises close to Crossrail stations will be keen to make sure they are maintained and looked after properly.
Stephen Hammond, the transport minister, believes the network will revolutionise travel in London and south-east England, as it will cut journey times and make London more accessible.
Indeed, he said an extra 1.5 million people will find themselves "within 45 minutes of the capital's business centres" when Crossrail is up and running.
"It will bring a significant boost to the regional and national economy, not only by facilitating employment growth but also by stimulating investment in the property market along the line of the route," Mr Hammond commented.
Mayor of London Boris Johnson added that Crossrail will help to ensure the city's future economic prosperity at a time when the world is becoming "increasingly competitive" and when London's population is rising.
He said the new estimates regarding the impact on London's commercial property market highlight how much of an effect this "ambitious" project will have on the region.
Mr Johnson said Crossrail will trigger a surge in regeneration activity in London and create new jobs, which represents good news both for people in London and the UK economy as a whole.
The project should improve transport links between some of the area's key locations, such as Heathrow, Canary Wharf, the City, the West End and Paddington.
Eight new stations are being created as part of the plan, while many existing facilities are being upgraded to ensure they can support Crossrail trains.