In Europe, there’s a broader effort to deliver entire neighbourhoods and places that keep people stimulated beyond the working day. In the U.K., the £500 million ($634 million) redevelopment of the Smithfield district in Birmingham will create public and commercial space alongside 2,000 new homes. Crucially, a new street grid over what was once the site of a large wholesale market will be implemented.

Cities in Europe have been moving towards closer integrated development since the European Union’s signing in 2007 of the Leipzig Charter, which aimed to avoid cities separating functions into districts. The presence of multiple, self-sufficient submarkets, as found in the likes of Berlin, can help insulate against office vacancy. While European office vacancy was at 8.1% in the first quarter, Berlin’s rate was just 5.4%.

“The pandemic proved that a siloed approach to planning around commercial real estate can see disadvantages at different times in the cycle,” says Rowden. “More than ever, cities and developers are now seeking to create symbiotic ecosystems of vibrant real estate that create benefits across multiple uses.”