Where does development potential sit in London for 2018?
I think the development market in London will have two very successful sides to it.
The one end is the continued success of large-scale developments (Megaprojects), projects with over 1,000 properties and a great mix of use.
The other end being Boutique developments of 30 or fewer properties where developers can cater to critical market needs in specific locations.
Megaprojects can create momentum. They can build value through wonderful placemaking. Bringing in all the elements needed for quality living and working.
These projects also offer the scale to provide infrastructure improvements that allow for enhanced movement of people in and out of the area.
The Megaproject can also cater to a vast market. They can offer multiple property types and many price ranges, which leads to a beautiful neighbourhood feel.
Occupants who buy into projects; as residents, tenants or workforce, all benefit from the future vision of a project and the privilege of seeing a new area being created around them.
Why Boutique Projects?
On a smaller project, a developer can be incredibly specific with the design, specification and delivery of a project to suit a distinct market segment in a particular area. A project can be shaped to meet that market's needs.
For example, a building designed around housing families who tend to need a bit more space for storage, more durable finishes and less sharp finishes. Most children would love to have a place to play so the gardens or building could create a fun play area for children which will also add to the social quality of living in the building. (very oversimplified example, but it illustrates the basic concept)
All this doesn't mean other projects won't work, I am sure many will do very well, but these two markets is where I believe the most significant opportunities will be in this year and the next few years after.
Developers have the great opportunity to create wonderful quality homes for people to build their lives in, it is very rewarding to create a home. We all want to see the city create more than what Malvina Reynolds describes so beautifully as "Little Boxes" that all look just the same.
Let's find those amazing opportunities and create incredible homes across London.