London can’t afford to rest on its laurels

Smart cities are on constant journeys that never end, delegates heard at MIPIM today. Speaking on a panel to launch EG’s London Investor Guide – and on the subject of the UK capital as a smart city – Jackie Newstead, global head of real estate at law firm Hogan Lovells, said: “London has evolved over time and has had to evolve to stay ahead. That’s what makes it smart. It is on a constant journey and one that never has an end point. Cities have to evolve to stay smart and attract new occupiers.” John Slade, chief executive of BNP Paribas Real Estate, added that a smart city, and London specifically, needs to centre around urbanisation and digitisation. Andrew Creighton, head of direct property at Aberdeen Asset Management, said that young people were crucial to the development of smart cities and pointed out that London is a great magnet for young talent: “Young people are crucial to the vibrancy in smart cities. London attracts 40% of all graduates coming out of UK universities and they are the future,” he said. But London does have competition. Slade added that Paris and Berlin are prime examples of smart cities creeping up on the UK capital’s heels. “London is one of many world cities. Investors aren’t just looking to invest in one city and it makes sense for us to get together with others across Europe to do some things together and make ourselves more complementary. To a degree, we really do need to remember we are in direct competition with those other destinations and maybe think more about collaboration,” he said. Click here for all the news, views and analysis from MIPIM 2017