For cash-constrained local governments, improving transit connectivity is key, but can mean exploring a raft of financing options.

For instance, the successful redevelopment of the former Battersea Power Station in London “was dependent on the infrastructure, so a public/private tax increment model was used to fund the Tube extension and new station,” says Ryan.

The public sector borrowed against the value that came from developing the land, with repayment financed over a period of 25 years by the private sector, using additional “enterprise zone” business rates and contributions secured from developers.

Elsewhere, the constraints of the specific site, local governance regulations and lack of a big picture overview can all hamper progress.

“Communication plus careful financial and physical planning are vital to avoid missed opportunity,” says Ryan. “The people in charge of building transport infrastructure must be aligned with their real estate colleagues.”

Until now, the focus for many stakeholders has been on the quickest way to maximise return on financial investment.

But Goudiard says that’s starting to change as partnerships are redefined across the real estate industry.

“In the past, things were very transactional,” he says. “Now we’re starting to see a reshaping of the relationships as local authorities, investors, developers and occupiers work more closely together.”

In part, this is down to aspirational local authorities making conditions such as affordable housing and renewable energy sources part of their permits.

Goudiard points to Paris as an example of one such masterplan currently in development. It aims to achieve net zero carbon emissions by 2050, while improving socioeconomic conditions for city residents with better housing, energy and transport infrastructure.

Stakeholder pressure means investors are also starting to consider environmental and social value factors as they seek to make an impact with responsible real estate.

“It’s worth considering the longer-term potential scenarios for growth over a 10-to-20-year time horizon, as these phased schemes present opportunities for acquisition, development, repositioning, conversion, retrofitting and targeted capital improvements,” says Ryan.

It won’t happen overnight, but Goudiard is hopeful about this evolving CBD model that seeks to cater for changing resident and occupier demands.

“In future, ambitious, truly mixed-use city schemes with diverse blocks, greener spaces and improved mobility, will generate premium returns, thanks to their sustainable appeal and value,” he says.