Empty office buildings in the City of London and Canary Wharf could become late-night entertainment venues, according to a new report.
In a vision that may unlock fresh opportunities for commercial mortgage brokers and lenders creative studio Bompas and Parr has proposed that financial districts, struggling to return to full capacity post-Covid, could be repurposed into “world-class late-night party zones.”
“By day, the city bustles with suits and stocks. By night, it’s reborn as a pulsating rave arena,” the report says.
“With few residents to file noise complaints, organisers capitalise on the empty, echoing canyons of glass and steel. Empty office lobbies become sought-after DJ booths, rooftops host industry defining light shows, and any space that isn’t locked morphs into a dancefloor to create a sprawling web of passionate chaos as capitalism and counterculture merge.”
MR BOOMBASTIC
Michael Kill, chief executive of the Night Time Industries Association (NTIA), told The Guardian that the idea has merit – particularly in areas like the City, where residential numbers are low.
“There are conversations going on about things like the City of London, where the financial district is, as there is a very limited residential core so without a doubt, given some of the noise complaints and restrictions, that actually makes sense and works for nightlife,” Kill said.
With approximately 500,000 workers but only 8,500 residents, the City is an appealing location for nightlife operators, who often face planning and licensing restrictions elsewhere.
NEW STRATEGY
Kill noted that commercial landlords are already rethinking their strategies: “Some financial districts were struggling with the impact of having only ‘three core days with full workforce’, as many people were choosing to work from home on Mondays and Fridays.”
He added: “What we’ve always had with the financial districts is, after a Friday night, they close down and everyone disappears.
“But now we’re seeing people only work from the office for about three days a week. Friday has become an extension of the weekend. So landlords are obviously looking for new opportunities, and that is a very constructive conversation we’re having.”
