London planners see pandemic as catalyst for reinvention

When coronavirus pandemic began, nearly 540,000 workers vanished almost overnight from business hub, known as City of London, or simply " City." A year on, most haven't returned. On surface, London's financial district appears to be a shell of its former self.

But a hive of activity is taking place at one spot, as builders lay groundwork for latest skyscraper to transform skyline. Developers of tower, called 8 Bishopsgate, are confident that when construction ends late next year, workers and firms will return to fill all 50 floors of gleaming new office space.

While many believe that some degree of working from home will become new normal, city planners say y aren't worried about empty office blocks. Rar, y say uncertainties and changes are just a catalyst for reinvention of one of world's top financial centers.

On Bishopsgate, two new side-by-side skyscrapers are set to open soon, and each stress y are armed with spacious offices and a host of amenities to entice workers back. Kevin Darvishi, leasing director at Stanhope, developer behind 8 Bishopsgate, said demand for top-quality office buildings will remain strong in post-pandemic world.

"What you'd end up with is a two-tier market where older buildings are discounted considerably because y can't cater to needs of next generation of workforce," he said.

At 62 stories, 22 Bishopsgate is second-tallest tower in U.K. and dwarfs everything else nearby. Billed as "Europe's first vertical village," it boasts a huge food hall and a gym, and 60% of its office space alrey has been leased to companies ahe of its opening in autumn.

Toger with its neighboring tower at 8 Bishopsgate, two will offer enough space for about 17,000 workers. Harry Bham, he of development for UK for Axa Investment Managers which runs 22 Bishopsgate said re h been a "surge of interest" in building since British government announced its plan to emerge from lockdown.

"What we've seen from that, generally speaking, is people being much, much more focused on quality of space for ir staff being, being a little more flexible about how y take space and what y'll need, because re's still an uncertainty re. No business can really answer that question yet," Bham said.

Firms like Amazon have recently stated that y plan a return to an "office-centric culture," though many studies both in U.K. and beyond have suggested that more flexible working policies and increased remote working are here to stay. A January report on London's future from mayor's office predicted that while companies will not abandon capital, many will need to improve quality of ir office space to encourage more employees to return and use it.

City of London Corporation, say that in first three months of 2021, body alrey has approved equivalent of 80% of number of planning applications for office space submitted last year. In a broer sense, officials say COVID-19 also has accelerated plans to make financial district a friendlier, more diverse place that's more open-minded about flexible working -- as well as an area that gives people a reason to stay after work.

More space for pedestrians and cyclists is planned, as well as more affordable or flexible workplaces that can attract people from creative industries. By 2025, City of London wants to see a 50% increase in weekend and evening visitors. workers' return will be crucial for survival of many shops, restaurants, aters and museums. Although offices and city centers all over world have emptied out during pandemic, report said London was hit particularly hard by shift to remote working because it has many fewer people living in core of city, compared with New York or Paris.

Hubert Zanier, who co-owns a chain of Souast Asian takeaway restaurants called Nusa Kitchen in financial district, has struggled to keep his business afloat with all six branches closed. While technically allowed to open under government's virus restrictions, it was clear this was not an option with zero foot traffic in City.

"We were quite hopeful when we first closed down, but little did we know whole thing would last 12 months with all ups and downs - more downs than ups," he said. Zanier is preparing to reopen as restrictions grually ease, and his best-case scenario is for 75% of workers to return on a regular basis in summer. "It's clear world will look different," he said. "But you have to be optimistic - if you're not, you might as well pack up your stuff and go." 

Image Credits: AP