_The London Report 2022: The 15-Minute City concept

Introducing The 15-Minute City

The pandemic has changed our lives immeasurably. One aspect that we’ve identified is a rethink of what people want from city life. The notion of the ’15-minute city’ is gaining momentum. It’s an exciting prospect. The crux of the concept is building communities where work, leisure and retail are all within easy reach. Everything you need is situated within a 15-minute walking distance.

Our survey revealed that nearly two thirds of London respondents felt that being close to amenities is more important now than pre-pandemic. There are major health and wellbeing benefits from this lifestyle. There’s a definite desire to be able to walk to amenities both from home and work. Areas that promote a healthy, active lifestyle are becoming increasingly attractive. In our pursuit of convenience and simplicity, this ideal ticks the boxes.

Which London areas are best for walkability?

We’ve developed the Knight Frank Walkability Index to determine an area’s proximity to key points. They are Arts, Culture and Tourism, Education, Food & Beverage, Green Spaces and other Health & Wellbeing, Retail and proximity to Transport.

The top submarkets for walkability are:

West End

City core

Southbank

Canary Wharf.

An area like the West End is particularly high in walkability to Retail. However, the Southbank is more balanced with a wider variety of amenities within walking distance.

Read more about the Walkability Index and how London’s CBDs score.

Upcoming opportunities in London

Recent redevelopments like Battersea, Kings Cross and Southbank represent a balanced mix of real estate offerings. They’re rich in local amenities. This will also be apparent in upcoming developments at Brent Cross, Canada Water, Euston and Earls Court.

Increasingly, we’ll see a repurposing of existing assets. That could be a refurbishment or a reworking of a current property. This has major environmental benefits.

A balanced approach to development

The pandemic has helped to blur lines such as those between work and home, commercial and residential space. It’s increased the desire to live locally to work and amenities. Plus, our survey showed that the local community is a much more important factor for buyers than pre-pandemic. 67% cited it as a key consideration.

The case for mixed-use spaces seems evident.

Flexibility – consumers want to live and work in versatile, dynamic environments. And developers have flexibility on strategy, funding, delivery and timings.

Viability – mixed use schemes are generally more viable. Affordable workspaces and housing are a priority for the Mayor of London for example.

Efficiency – mixed use development makes better use of limited land availability. It’s integral to creating a modern city fit for post-pandemic life.

Oliver Knight, Partner and Head of Residential Research explains,

“There is no ‘one-size-fits-all’ approach; location, demand and local infrastructure will inform what is viable but, looking to the future, the next opportunities will lie in schemes and areas that start evolving into a balanced, resilient and sustainable mix of real estate.”

Discover more about London’s repurposing opportunity in the new The London Report 2022