London experiencing ‘decade of towers’October 29th, 2012 Category: Building Management
In major cities such as London, land is always at a premium, which inevitably means buyers must pay well above the norm in order to get a prime spot.
But with figures from Knight Frank showing residential land values in the city have gone up by more than one-fifth in the last year alone, it looks as if establishing a presence in this part of Britain is becoming more and more expensive.
This is changing the nature of much of the development activity that is taking place in London at the moment. With the city's population surging and land prices on the up, the emphasis is shifting towards the creation of tall towers.
After all, this means the bare minimum of land can be purchased, with each storey capable of hosting places to live and work.
Stephan Miles-Brown, head of Knight Frank Residential Development, commented: "This is London's decade of towers.
"With residential land values up 20.3 per cent in the last 12 months and a population boom, a need for the most effective use of space is evident."
Many of these buildings are set to be mixed use properties, containing a mixture of residential homes and office premises. As a result, occupiers of business space in these properties might find it a good idea to turn towards contract cleaners, in order to ensure their establishment is well maintained and continues to meet high standards day after day.
However, Mr Miles-Brown noted that the "challenging funding climate" means only about one in three of the towers that have received planning permission have actually got underway.
"The well-designed, centrally-located towers we will see succeed in the next few years will have a definite cachet," he observed.
London boasts an iconic and internationally recognisable skyline, with one landmark building after another. The amount of construction activity in a city is always a good indicator of its economic strength, so the emergence of new towers in the city will certainly reinforce its position as a strong and secure market.