Knowing the terrain to stay ahead in the game

In the last two years we have seen the boom turn to bust. We have battled through uncharted economic territory and weathered a severe financial storm that saw the value of commercial property stock plummet. Despite the end of year recovery, the sector was down 8.4 percent over the entire year. The environment in which we now find ourselves is that of the unknown; an ever changing financial position that brings with it new challenges and a demand for a fresh approach, as we seek to recover from the events of the past 24 months.

Therein lies the central theme of the British Council for Offices annual conference: capital recovery. As such the BCO believes that the core values that will underpin recovery are rejuvenation, reinvigoration, reinvigoration and renaissance. Like so many other industries effected by the recession, property must now move forward, looking back only to learn from all that has happened in the past three years.

For the first time in 17 years, the conference is being held in London. This will allow delegates, to experience the most innovative developments around the capital and see first hand how they were shaped and understand the impact these new developments will have on the city. This will include the Olympics site and some of the tallest buildings in the City. Equally, the chance to discover the unique Thames Gateway in a 35 mile bicycle tour led by Peter Murray of New London Architecture, will allow delegates to survey a key area of future growth for the UK.

What has become evident through the downturn has been the importance of collaborative thought. The extent of the financial damage caused by the recession could perhaps have been limited if the arguments of so called ‘doom-sayers’ had been considered alongside the status quo. The conference therefore intends to host thought-provoking debates with leading industry professionals pitted against each other on some of the key themes and issues affecting the sector.

A major point of discussion will be London’s status in the world arena – not just in terms of real estate, but also in the realms of business, finance, culture and technology. With a challenging year behind us, the GLA’s Sir Simon Milton and the City of London’s Stuart Fraser, alongside London School of Economics’ Tony Travers, will debate the capital’s future as a world city.

Navigating funding and the financial jungle remains a major concern for many businesses associated with the BCO. While property markets and economies are undeniably cyclical, this economic downtown has thrown up its own unique financial difficulties. As interest increases in using property as a lever for cost control, leading commercial developers, Francis Salway and Chris Griggs, will examine what developers have learnt and how are they choosing to move forward in the wake of slow recovery.

As technology continues to advance and the needs of the modern businesses change at pace, the need for flexible working is becoming ever more important. In an increasingly competitive market, a very real challenge exists to match occupier’s requirements with developer’s deliverability.

How to strike the balance between these two elements while contending with minimal growth in the industry will prove a major theme over the next few years, and should now be a key issue for owners to consider.
 
Finally, what lies ahead for the world in 2020 will be up for debate. Ten years ago the BlackBerry was seen as a futuristic gadget; today many businesses would struggle to function without them. Predicting what we can expect to see emerging in the next decade now can help business adapt and make the necessary changes now (even if only tentative ones) to prepare for what is coming.

The British Council for Offices exists to research, develop and communicate best practice in all aspects of the office sector, and this year’s conference will provide an important forum for the discussion and debate of these and other key issues affecting the sector.

Gerald Kaye is senior vice president for the British Council of Offices. For more information about the upcoming conference
visit: bcoconference.org.uk