BREAKTHROUGH IN THE CITY Why London's ... - Union Investment

PLACES & SPACES 2_3 COMMENTARY
Demography, migration and
technology are powerful forces for
urban change. Cities in Europe are
thriving or struggling based on their
response to demands imposed by these
forces. The developers and investors
who understand them play a vital role
in the urban renaissance.
Winning cities attract jobs, investment
and development, often faster
than they can cope with the social,
economic and environmental
consequences. Fortunately, growth
brings greater capacity to deal with
these challenges. At the other end of
the spectrum, cities with dwindling
population, employment and revenue
face seemingly inevitable decline.
Population is falling in almost all
countries in Europe. Against this bleak
demographic context, cities like
London and Paris expand while the
population of Glasgow and Genoa
decline. The story behind the numbers
can be more alarming as the age and
skill mix improves in growing cities and
erodes in the declining. Migration
amplifies the effect as growing cities
succeed at the expense of others. Top
employers and talent vote with their
feet, eroding the tax base just when
regeneration funding is most needed.
The catalysts for regeneration
by Bill Kistler, president of the Urban Land Institute (ULI) Europe (bkistler@uli.org)
Technology enables and accelerates
migration of jobs, frequently out of
Europe altogether.
How can government and the
property industry respond to such
seemingly intractable challenges?
Europe is a showcase of successful
urban renaissance. Barcelona, Lyon,
Birmingham, Hamburg, Rotterdam and
Dublin are all examples of cities with
the vision and leadership to transform
themselves. Other cities are learning
from their success, investing in the
infrastructure and amenities that are
catalysts for regeneration.
In the UK, large-scale regeneration
has been distinguished by early
involvement of the private sector,
while in the rest of Europe, efforts
have been led by the public sector.
Birmingham won a ULI Award for
Excellence in 2004, the first time a city
had been so recognised. Infrastructure
investment and large scale, mixed use
projects provided the catalyst for other
investment and development.
Collaboration between the property,
industry and government is an essential
ingredient for urban renaissance
and for European cities to compete on
the global stage for jobs and capital, it
demands nothing less.
Bill Kistler has been the
president of the Urban Land
Institute (ULI) Europe in
London since 2004. In the
course of his 25-year international
career in the real
estate sector, he has been
active in the areas of development,
consulting and asset
management. Kistler and his
team are responsible for
implementing the ULI's goals
in Europe.
For more information, please
visit: http://europe.uli.org
Photo: ULI