BASELINE STUDY & ECONOMIC ANALYSIS UPDATE
ANALYSING THE KEY ECONOMIC CHARACTERISTICS AND PROFILE OF THE FLEET STREET QUARTER
In 2020 we undertook a baseline economic study to help us understand the local economy as one of our building blocks to develop our BID Proposal. As we approach 2024 and life settles down after the pandemic, we asked WSP to update the study given the changes in the area, such as the opening of the Elizabeth Line. The report contains some key economic indicators, a SWOT analysis, and a look at the current patterns of hybrid working.
The study elucidated the key economic characteristics and profile of the area, assessed the potential impact of the area’s development pipeline, as well as identified future opportunities and challenges which will impact the Quarter going forward.
Today, Fleet Street is better known as London’s leading international legal centre, and is home to a number of major legal, financial and multi-disciplinary firms. This shift is reflected in the proposed new central court complex on Sailsbury Square which will have space for 18 courtrooms. The new flagship development, dubbed as the “Justice Quarter”, will build on the UK legal systems’ unique comparative advantage in leading the drive to tackle fraud and cybercrime.
While the transition to an economic base dominated by the legal and professional service industries has generated considerable economic value and high value employment opportunities for the area, there is a feeling that Fleet Street now lacks the distinct and vibrant identity it once had. There is a requirement to regenerate the area to combine the area’s high value economic base, with its unique history and an improved hospitality, retail and leisure offering. In this way the Fleet Street Quarter will be able to reposition itself as a destination in its own right.
The role the FSQ BID has in promoting this unique part of London, in collaboration with the City of London Corporation and key stakeholders such as TfL, will be of great importance as the area looks to develop a brand identity.
