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10 years ago this week, the London 2012 Olympics came to a monumental close, changing East London forever.
\nNot to mention our involvement in its development, our longstanding work with clients in the area and the subsequent regeneration of Stratford and Hackney Wick.
\nWe have known the potential of East London for decades, which is now being realised thanks to the Olympics, the vision and the hard work of local companies and authorities involved in delivering the legacy.
\nWe have been able to use our expertise, across all departments, to support our clients and help them make the most of the opportunities created by the Olympics.
\nThe ongoing investment – which is expected to reach well over £20 billion by 2032 – and focus on Stratford will mean the area will mature into an increasingly important economic, leisure and cultural centre for London, attracting hundreds of thousands of visitors each year.
\nAnd we expect to see a ripple effect spanning out from Stratford as more sites in the immediate areas are developed. This will be helped by Crossrail, which will draw people into the Olympic Zone for work and leisure, increase the area's popularity as a business destination and make it more accessible.
\nChris Collins – Director, Office Agency
\n“Strettons has been involved in letting more than 250,000 sq ft of office space in the legacy area since the Games started in July 2012, with an additional 1,350,203 sq ft to be delivered in 2022/2023.
\nOver the coming years, Stratford will become the third largest office submarket in London, behind Canary Wharf and The City. And businesses relocating to Stratford will blend with existing creative industries and new businesses in start-up hubs – such as those at the Turing Building – to create a thriving, collaborative economic centre in East London.
\nAs one of the most active agents in the area, we are looking forward to working with clients to be part of Stratford and East London’s exciting future.”
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Neal Matthews – Director, Industrial & Logistics
\n“Since the 2012 Games, Strettons has sold sites totalling more than £165 million* and has let or sold over 700,000 sq ft of industrial accommodation within the original Olympic Legacy area. As a result, thousands of much needed new homes, many of which are affordable, have been delivered.
\nThe regeneration of the Olympic Park and surrounding areas has precluded much of the historic industrial uses, except for the areas to the north and northeast, particularly Leyton.
\nIn our opinion, the industrial space within the former Olympic Zone will support existing businesses, final mile delivery operations and creative businesses that reflect the area’s heritage. And the space will play an integral role in supporting the evolution of the area in the next 10 years.”
\n*land sales price for development
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Simon Tilsiter – Managing Director, Commercial Management
\n“Over the past 10 years, our property management stock has improved with higher rents and better-quality buildings, in part due to the relocation required as a result of the Olympics. Overall, around 50% of the 5,000 commercial tenancies we manage fell within an hour's drive of the Olympic Zone.
\nThe industrial supply has certainly changed and improved beyond recognition, and the Olympics forced landlords of existing office space to rethink, refresh and reposition.
\nWhat do the next 10 years hold? For Strettons, I think we will continue to see higher rents and better quality property management stock, which will go hand-in-hand with the development of landmark schemes and the overall regeneration of the area. And we will see this across numerous sectors which bodes well both for Strettons and is a positive indicator for the area as a whole.”
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The next 10 years – Gary Powis Director, Development Consultancy
\n“Given Mayor of London Sadiq Khan's focus on affordable housing, we predict an upward trend in the percentage of affordable homes within the Olympic Zone and the immediate surrounding area. “There were 40% more affordable homes built across London last year and there is no shortage of demand, so it’s natural that we’ll see an increase across the Olympic Zone.
\nIn terms of values, I would expect residential property to level off due to wider economic factors, but also high levels of growth over the past 10 years, with residential per sq. ft. prices having increased approximately 90% since before the Olympics. On the commercial side, I think we will see an initial increase, but these will also level off towards the later part of the decade.
\nThe new communities, created by people coming to the area – attracted by new housing, jobs and leisure activities – will continue to evolve over the next decade, which is an exciting prospect for East London. In Strettons’ opinion, East London is a better linked, better known, brighter and fresher part of London than it was 10 years ago – this is not purely down to the Olympics, but it played a big part.
\nDespite the huge changes, the best is yet to come with additional room for development, investment and more delivery for local people, residents and businesses in London and beyond.”
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