Employment Sites and Premises

16 Brewhouse Yard t: 020 7566 8600 Clerkenwell e: [email protected] London EC1V 4LJ w: www.peterbrett.com LB Richmond upon Thames Richmond Employment Sites and Premises Final Report March 2013 Document Control Sheet Project Name: Richmond Employment Sites and Premises Project Ref: 27217-001 Report Title: Richmond Employment Sites and Premises Doc Ref: Final report March 2013 Date: March 2013 Name Position Signature Date Prepared by: Adala Leeson Associate 13/3/13 Dave Reviewed by: LLP Director 13/3/13 Lawrence Dave Approved by: LLP Director 13/3/13 Lawrence For and on behalf of Peter Brett Associates LLP Revision Date Description Prepared Reviewed Approved March 13/03/13 Response to final comments AL DL DL 2013 February Response to comments to 18/02/2013 AL DL DL 2013 draft Final report Jan 2013 14/01/2013 Draft Final Report IC RH DL v 2 Peter Brett Associates LLP disclaims any responsibility to the Client and others in respect of any matters outside the scope of this report. This report has been prepared with reasonable skill, care and diligence within the terms of the Contract with the Client and generally in accordance with the 27217 appropriate ACE Agreement and taking account of the manpower, resources, investigations and testing devoted to it by agreement with the Client. This report is confidential to the Client and Peter Brett Associates LLP accepts no responsibility of whatsoever nature to third parties to whom this report or any part thereof is made known. Any such party relies upon the report at their own risk. © Peter Brett Associates LLP 2013 CONTENTS 1 INTRODUCTION ................................................................................................................. 1 Report Structure .................................................................................................................. 1 2 A BOROUGH PROFILE ...................................................................................................... 3 Local Economic Assessment summary ............................................................................... 3 Recent employment trends .................................................................................................. 5 B- Class Employment and Stock ......................................................................................... 8 Incremental losses of B-space ........................................................................................... 10 Summary ........................................................................................................................... 13 3 POLICY CONTEXT AND IMPLICATIONS FOR THE LONDON BOROUGH OF RICHMOND UPON THAMES............................................................................................................................ 15 Introduction........................................................................................................................ 15 The National Planning Context .......................................................................................... 15 The Regional Planning Context ......................................................................................... 17 Local Policy ....................................................................................................................... 21 Conclusions ....................................................................................................................... 22 4 THE PROPERTY MARKET AND DEMAND ...................................................................... 25 Introduction........................................................................................................................ 25 Demand for employment space ......................................................................................... 25 Occupational densities in modern office environments ...................................................... 26 Outer London Office Markets ............................................................................................. 27 The local office market ...................................................................................................... 30 Summary ........................................................................................................................... 33 5 TAKING STOCK – EMPLOYMENT LAND AND PREMISES ............................................. 35 Richmond’s functional geography ...................................................................................... 35 Local Businesses and jobs ................................................................................................ 36 B-space businesses and employment by property market ................................................. 39 Office based employment .................................................................................................. 42 Industrial Occupiers ........................................................................................................... 48 Home based employment .................................................................................................. 50 Summary ........................................................................................................................... 52 6 THE LOCAL PROPERTY MARKET ASSESSMENT ......................................................... 53 Introduction........................................................................................................................ 53 Richmond .......................................................................................................................... 57 Richmond Fringe ............................................................................................................... 59 Teddington ........................................................................................................................ 60 Twickenham ...................................................................................................................... 62 St Margarets ...................................................................................................................... 65 Minor centres ..................................................................................................................... 65 Outliers .............................................................................................................................. 67 Summary ........................................................................................................................... 69 7 EMPLOYMENT FORECASTS AND FUTURE DEMAND ................................................... 71 Introduction........................................................................................................................ 71 Total Employment Forecasts ............................................................................................. 71 Sectoral employment forecasts.......................................................................................... 73 Net Demand and Gross Take-up ....................................................................................... 75 Comparison with Previous ELRs ....................................................................................... 76 Conclusions ....................................................................................................................... 77 8 SCENARIOS FOR GROWTH TO 2018 ............................................................................. 78 The UK Economic Outlook ................................................................................................ 78 The Economic Outlook for London to 2018 ........................................................................ 79 Medium Term Outlook for Richmond ................................................................................. 81 Conclusions ....................................................................................................................... 85 9 CONCLUSIONS ................................................................................................................ 87 Appendix 1 ........................................................................................................................ 91 Office definition .................................................................................................................. 91 Appendix 1: Office definition Richmond Employment Land and Premises 1 INTRODUCTION 1.1 Richmond Borough Council commissioned Peter Brett Roger Tym to undertake an Assessment of Employment Sites and Premises for the London Borough of Richmond upon Thames. The assessment is an essential ingredient of Richmond reviewing its economic policies in light of changing circumstances and events. Whilst the last ELR is only three years old economic circumstances have changed since the evidence that informed the Borough’s Local Plan. 1.2 The recession has affected market demand and sectoral performance; and a new London Plan is in now in place. 1.3 This study therefore needs to build an up to date picture of Richmond’s employment sites and premises needs and provision, by area and sector, in order to support policy recommendations on the allocation, protection or release of employment sites. It must be rooted in a detailed understanding of the local economy, its spatial and sectoral structure, and its linkages with the rest of London and neighbouring authorities beyond London’s boundaries, and its strengths and weaknesses

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