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The only way is up
Tall and high density buildings could reap major economic benefits for city centres according to new research unveiled by the British Property Federation (BPF).
The research assessed the impacts of employment density on economic performance in central business districts with the aim of providing a more rounded picture of the benefits of tall and high density commercial developments.
The findings showed an economic benefit, in a given location, equivalent to an additional £206 million per year, or £2,500 increase in productivity per worker.
With planning at the top of the new Mayor of London’s agenda, and a review of tall buildings and views policy in the capital underway, the BPF is calling for a wider debate beyond the issues of historic views.
The report highlights how accessible, high density commercial developments create tight-knit, interconnected employment clusters which have higher output levels than if the same jobs are spread across wider areas.
While the green benefits of high density buildings – reduced land take, more green spaces for other uses, reduced personal travel, better use of public transport - are relatively well known, the economic impact of such buildings is far less understood.
In many city business locations, where land is scarce, the provision of tall buildings is often the only means by which increased density, and the resulting increased productivity, can be achieved. It is for these reasons many of the world’s major commercial cities have a cluster of tall buildings in the heart of the city.
Liz Peace, chief executive of the BPF, said:
“This research makes clear that tall buildings can only deliver substantial economic benefits if they are in a comparatively small number of commercial locations and where the conditions are right.
“Getting the policy right is critical and policy makers need to understand and take account of the full range of impacts that high density and tall buildings can have - from the aesthetic to the economic. We hope that those involved will draw some useful insights from this report.
“In years to come there will once again be increased demand for commercial property, and in some areas, high density development could be the solution,” Ms Peace added.
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