David Taylor
And do you think this is it from now on for many people ie having a very fluid working day and actually fluid working week? I was watching a webinar this morning where a chap called Allen Simpson from London and Partners said he could foresee companies sharing offices, not in a WeWork way but across the week. So one company might have space in a building for Mondays and Fridays, for example, and a different company completely would have it from Tuesday to Thursday. Is that something that chimes with you? Or are you seeing different trends out there?
Tim Gledstone
I think obviously there are lots of conversations going on. And I think there will be all different solutions for all different kinds of businesses. And I think that's what's great. There are many different types of ways of working. Certainly, in our case, and again, what we enjoy is, although we do encourage weekend working, if people feel like it, we are a nine to five, roughly, Monday to Friday business. And people go home and sketch and come up with their ideas and thoughts over their weekends and evenings. But what we love is that our building is being used in the mornings and nights for other uses and spaces we'd be using in the day can be used by other people at nights. Not just our rooftop, but our event space. But I can totally see there being collaborations with other businesses who might want to use some desks and use office space in non-peak hours if you like. I can see there almost being a desk Airbnb kind of coming in some places. Obviously, there are management issues that go with that. But if there are more open door, WeWork type places then why not just go to a desk that's near you at the time you need it? And you can just click on your availability. And it may be that some of you are stay-at-home parents in the day and by the evening you just want to pop in, get out the house and do a few hours. if you are a journalist – someone like your good self – that could really suit. Just going somewhere to go and write an article, that isn't at home. It's not a library and it's not a club and it's not a bar. It's actually using a desk space that was used during the day. So, I can see that. And that could easily work if you can find businesses that work that way or even 24-hour businesses - whether it's call centres or that kind of thing.
David Taylor
So, last couple of questions. Firstly, how is Squire and Partners operating in terms of the occupation of your building at the moment? What sort of percentage are in? And I'm presuming that's on the upward curve given where we are with the pandemic?
Tim Gledstone
Yeah, well, we're really proud to say actually that we've got, with encouragement and we want to very much thank all our teams for all their hard work and making things happen whilst we were at home, it was absolutely clear to everybody that actually upon reflection or immediate return to work when they did the first time how much better it was. We are a physical face to face business. And I think we're a long way off being able to pick up on those little nuances and body language and the dynamic electricity in the room when you're mid-designing a building. And in architecture you're mid-designing buildings for quite a long period of time, with a lot of people. And the power of that connectivity, whether it be with your clients, whether it be with the people on sites, whether it is with your team; being together is absolutely essential. So a couple of weeks before Christmas, we encouraged everyone to go home, not ruin your Christmas, and New Year, to make sure you see your family because we can't quite control what's going on. Thankfully, it was a really mild version of COVID this time around. And that gave everyone confidence. We are I think about 98% in. There's about four people who are not in. And that's because of very obvious reasons like one is his wife is very close to giving birth and just wants to take a little bit of extra precaution. And one or two have just got a little bit more health issues that they just want to protect.. So that's gone really, really well. And it's a great, great atmosphere. Again, we've reinstated some of the older COVID constraints; everyone's very happy to wear a mask when they're not with their team and use a sanitizer and respect each other. But in their teams, they can work really closely in a very well-designed, safe environment.
David Taylor
So: very last question. How optimistic are you about the London market or just London this year? Does it feel like it's in recovery mode now?
Tim Gledstone
Yeah, I'm extremely optimistic. And I think there are many that are. I think there will be businesses that have learned to thrive by working differently in a less conventional way and thinking 'Why were we dragging everyone in just to make them work like battery chickens in a squashed floor plate?". But there are others who will be like, actually, we get that extra 10% out of each other, that extra 10% out of our business. And we want to be the best to get the best. And we're doing a very good job. And let's reward each other in one of the best cities of the world where we can all share in it together. So, I think businesses will work their way through what suits them. But I think in terms of culture, food, life, entertainment, these are the things that people have hugely missed. And you can see London bouncing back with theatre, live music, food. That's a kind of heartbeat that draws everybody in, including tourism, but national tourism as well. Just people getting the confidence to get back out; and people haven't done it for a long, long time. So yeah, it seems pretty active in the marketplace. What we're seeing is a lot of reusing of existing buildings, which is fantastic, and for its sustainable credentials, but the character that comes with that and also the speed of doing the projects improves. Maybe even being stronger with the design - people can accept a bolder design if you've got to live within the framework you're in. So, in that case, we're doing Space House, the Seifert Tower and linear building with Seaforth Land. And that's we've got a huge cycle spa - where there were three carpark ramps and a filling station we’re putting in a huge cycle spa with something like 600 bike spaces, generously set out with enormous numbers of showers as a major asset to that building. We're working with Derwent - Fora just taken a single let in Greencoat Place. And that was a refurbishment. We're working on Francis House, which is a refurbishment that Edelman has just taken the whole let of as well. So, the advertising world, media world excited. So those lettings are going really well, and our very own Department Store Studios we've created, where we've got everything from single desks to the whole top floor. Launching that in the last six months, you'd think ‘God, that's a real test of what people want to do’. But actually, that offers a perfect middle ground in that ‘hyperlocal, maybe I don't want to be in a big office anymore, perhaps I'll scale down’. You can have day memberships on the ground floor. So it's a less traditional, linear offer. And so, a little bit more easy-in, easy-out, easy expansion. And that enables people to make much quicker decisions, concentrate on their business and not worry about property. And that's quite good for a dynamic, growing city like London, where startups can start up, rather than have to start up and then get a facilities manager, and then get a lawyer and then do this. They don't need that. They get a cleaner and then you get a tea person and what you do for lunch? Thinking about a business growing from two people to 50 people and all the hurdles that used to be there. These new dynamic ways of working take that stress out of property for those businesses and allow them to flourish. I think international cities could do with the same kind of ability to pop in and out.
David Taylor
Great. Well, I've got to leave it there because we're well over five minutes! But thank you very much, Tim. I look forward to popping down and seeing you guys again fairly soon – and keep up with Merino wool. It's the way forward!
Tim Gledstone
(laughs) Cheers! Bye!