Fleet Street Quarter Business Improvement District, representing over 359 businesses across a 43-hectare footprint of the western part of the City of London, has today launched a new Baseline Economic Study revealing strong job and economic growth in the area.
The report, commissioned by Fleet Street Quarter BID and authored by consultancy firm WSP, reveals the solid pace at which the Fleet Street Quarter area – which features Fleet Street at its heart and embraces Chancery Lane, Holborn, Ludgate Hill, and New Street Square – is expanding as a crucial employment hub for London.
Since 2018, jobs in the area have increased by 20.6% – equivalent to 15,700 jobs. Job growth rate in Fleet Street Quarter is 2.3% above the average for the City of London and 11.7% higher than levels for London as a whole.
In recent years, the Fleet Street Quarter area has grown as a major contributor to London’s economy. An area of exceptional job density with 211,531 jobs per km2, the Fleet Street Quarter area now generates tax revenues in the region of £4.2 billion for Exchequer.
Economic expansion in Fleet Street Quarter supports the City of London Corporation’s wider commitment to growth across in the Square Mile. This includes its flagship ‘Destination City’ policy to make the area the best place to live, work and visit, by becoming a seven-day-a-week visitor destination for everyone to enjoy.
The City of London recently designated Fleet Street Quarter as a Key Area of Change in its Local Plan, known as City Plan 2040. The plan will provide a framework for the continuation of the Square Mile’s economic growth, as the Corporation meets growing demand for Grade A office space, maintains its position as the world’s top financial centre and provides a secure, sustainable environment for investment.
The Baseline Economic study also identified the Fleet Street Quarter area as a centre for emerging sectors with 13.1% of workers in the area are employed in emerging sectors. The concentration of employees in Data Infrastructure, Cyber and CleanTech is above the UK average, with the proportion of FinTech workers in Fleet Street Quarter (1.9%) almost double the national average (1%).
A radical transformation to further bolster this economic centre is already well underway with more business sectors ready to move in. Over the next 10 years over £5bn* will be invested into the area, delivered through a ground-breaking development pipeline of 34 new and refurbished schemes poised to deliver an estimated 3m sq ft of new Grade A commercial space across office, retail and leisure. It is estimated that this pipeline will attract an additional 25,000 new workers into the area.
To support this, the BID last year launched a public realm masterplan. The ten-year vision identified 34 public realm ideas, totalling an estimate £80m**, to respond to increasing business demand for better quality commercial space. Laying out a bold vision to stimulate ideas for when opportunities arise to reinvent the area’s public realm, the proposals aim for 3,000 sqm of additional pedestrian space to enhance movement, walkability and provide green space,
The Fleet Street Quarter BID is one of five City BIDs sharing a position on the City of London’s stand at MIPIM, showcasing the opportunity of this historic and rapidly changing part of the city to future investors, developers, and agents.
Opening a window into an upcoming era of innovation, the BID is hosting the first-ever VR Capsule at MIPIM. The VR Capsule will bring captivating interactive holographic animations to link MIPIM to keynote speakers in London.
Over the next 12 months the BID is set to launch a host of initiatives to accelerate the growth of the area as a centre for business, culture, and technology. Sustainability is central to this vision.
In April the BID is set to open a Green Skills Hub – a practical and theory education hub for green and digital construction skills. A first of its kind live learning space, Green Skills Hub will provide accredited up to the moment and sought-after green construction skills courses, with the aim of finding placements for students. A meanwhile use of vacant retail space, Green Skills Hub is being delivered with developers Atenor and St. Bride Foundation.
In partnership with community start-up SPARK:YORK, Fleet Street Quarter will also host a meanwhile arts activation space in 2024. The art space plans to build on the BID’s work to build a vibrant destination through collaborations. Partnering with dynamic partners like SPARK:YORK, reflects ambitions to reinvigorate the Fleet Street Quarter area as a dynamic urban location for culture.
Lady Lucy French OBE, CEO of Fleet Street Quarter BID comments: “The Fleet Street Quarter area continues to go from strength-to-strength and is fast becoming one of the most sought-after mixed-use destinations for global businesses and investors. Innovation is central to the area; the Baseline Economic Report underlines strong job and economic growth. Our development pipeline will also only further diversify the area as a hub for emerging sectors.
Sustainability continues to be at the heart of our initiatives this year. The Green Skills Hub is just one example of our bold ambition to create meanwhile spaces that contribute to a clean and green district. 2024 is a pivotal year to accelerate the pace of change and unleash the secret of Fleet Street Quarter’s offering for businesses and people.”
Chairman of the City of London Corporation Planning and Transportation committee, Shravan Joshi, comments: “As footfall and employment numbers across the Square Mile continue to rise, it is crucial the City Corporation supports organisations like the Fleet Street Quarter BID to make the Square Mile a more inviting environment to live and work. The new City Plan has designated the Fleet Valley as an area to encourage new development, in order to deliver greater inward investment and economic growth.
“The built environment is critical in supporting London’s transition to a more sustainable economy. Ensuring technical education and flexible training routes towards new jobs via the Green Skills Hub will be essential to delivering on our sustainability ambitions.”
