Current Trends in Urban Development - Commercial Property Market

Over the past year, we have worked with our clients through some of the most challenging times they have ever faced, with the commercial property market in particular experiencing a seismic and unprecedented shock.

Offices, retailers and hospitality venues were forced to close, and our normally vibrant city centres fell silent. In fact, according to research commissioned by our Real Estate team, three in five city centre workers in the North West have worked exclusively from home during the pandemic.

Now, as we shift our focus towards grasping the opportunities of a ‘new normal’, one of the key questions is, how will the pandemic change the face of our cities in the long-term? 

Our new Bouncing Back report seeks to answer that question. We turned to those in the know, hosting conversations with key developers, property professionals and tenant businesses. The report includes contributions from many influential voices, including Peel L&P, Urban Splash and Bruntwood, whose honest and valuable insights are a must-read for anyone with a stake in urban development.

Key findings contained and explored within our Bouncing Back: North West cities report include the arrival of a ‘city centre renaissance’. Our contributors point to a new era for our cities, with commercial, residential and leisure offerings all set to evolve for the better.

As society emerges from the pandemic, there is a palpable desire for people to meet face to face, socialise and build relationships while exploring and discussing ideas. With the rental landscape shifting as it is, there is gap opening for innovative organisations to step up and breathe new life into city centres.

There is also a strong argument that the biggest impact of the pandemic has been to accelerate the trends that have long been on the horizon. Instead of a 10 to 15-year evolution towards greater flexibility in workplaces and experience-centric high streets, these changes are happening now.

Clearly, we all have a new found appreciation for our cities and those resilient and innovative organisations that make them a great place to be. This report celebrates what those organisations have achieved and the opportunities available to them post-pandemic. I hope you find it a valuable read.