Prepare For The Suburban Property Renaissance
Now is the time for a suburban renaissance. Or so a cross-party panel of politicians and experts said as it launched a new inquiry into what the suburbs need if they are to thrive.
The inquiry comes just a week after the publication of the government’s Planning for the Future white paper. The cross-party Suburban Taskforce is co-chaired by Labour’s Rupa Huq MP and Conservative David Simmons MP and is seeking potential policy solutions that aim to support the long-term sustainability of suburban areas.
The government has already committed to considering the findings of the taskforce, which is organised through University College London and advised by Tony Mulhall (Royal Institute of Chartered Surveyors) Peter Murray (New London Architecture) and Richard Blythe (Royal Town Planning Institute).
The property industry reacted warmly, particularly those with strong interests in suburban real estate.
BizSpace has a portfolio mainly consisting of business centres located outside of city centres and launched a new arm to partner with larger companies looking to rework their property strategies in the wake of the pandemic.
“We’ve always been strong believers in the concept of local working,” BizSpace Managing Director North Emma Long told Bisnow. “With rising demand for offices in suburban locations, it’s likely we’ll see more developers getting in on the act.”
“The term ‘suburb’ is a general one and it is unlikely major businesses will want to move to traditionally residential locations without the amenities and vibrancy that attract top talent," U+I Senior Development Manager Ben Cartwright said. "But even before the pandemic, we’ve been seeing growing interest and activity in suburban capitals — the towns surrounding major cities. It’s no longer solely about postcode, but instead quality of environment.”