In London, offices worth the trip
Are Londoners the champions of social life at work? It's back to work time across the Channel, and some neighbourhoods are doing better than others.
The Covid-19 crisis has boosted the appeal of central, mixed neighbourhoods, to the detriment of 'single-use' business districts. Are you seeing the same trend on the other side of the Channel?
Yes, we're seeing the same dynamic in London. If you look at the way life has returned, the way streets and neighbourhoods have come alive, the more mixed west end is ahead of the game, with users much more enthusiastic about returning to the office than users in the City and Canary Warf. The economic crisis has increased demand for prime offices and lively neighbourhoods, as well as for more flexible leases that adapt to the growth of a company.
What are the ingredients for an attractive office in London?
The main criterion is the versatility and quality of the spaces. Buildings must offer spaces where you can organise a meeting, make a phone call or chat with a colleague. But in London, attention to workspaces is nothing new, and employers do a lot to promote well-being at work: the quality of the air, the quality of the equipment, the outdoor spaces, etc.
Beyond the feeling of well-being, what's at stake?
In the London market, a company's rent represents between 7% and 15% of the wage bill. The fierce battle that companies are waging to attract and retain talent, especially in the post-Brexit context, is driving them to invest heavily in their offices. They are prepared to spend more, because the impact on their performance is direct. In the age of teleworking, the office has to be worth the journey, which is why we are drawing more and more inspiration from the codes of the hotel industry, to provide employees with a level of quality and services that they don't have access to from home.
What is GPE's positioning and what makes you interested in a particular asset?
Our positioning is that of a 'top of the class'! We like central assets with excellent public transport links, and pay a great deal of attention to finishes, air quality and environmental aspects. We've just delivered a building in Mayfair that's of unprecedented quality, in terms of flexibility, low carbon, facilities, accessibility by soft mobility, with services and shops on the ground floor. And it's just a stone's throw from a new transport hub that puts it just thirty minutes from Heathrow airport, which changes everything for this part of the city!
