Spring 2021 Issue - 29

private equity, in their search for yield, which
sometimes seem to operate more aggressively
than their real estate colleagues.
l The office sector was characterized as " you
can't paint everything with the same brush. " For
short-duration leases or lower-credit tenants, it
would be very hard to attract borrowing in the
near term. Transport and digital connectivity are
important; otherwise, why would anyone prefer
working in the office to working from home? The

green aspects and amenities of office spaces are
also more important than ever.
l Some dealmaking and capital-raising have
been delayed by the inability to travel and meet
in person, while some managers have shifted to
performing these functions almost completely
virtually and are unlikely to shift fully back to an
in-person model.
l Some regionality is occurring where investors
are less likely to invest in something on the

opposite side of the globe without a preexisting relationship, and this trend is extending to
design firms.
l Environmental, social, and governance (ESG)
policies and strategies are now seen as " you die
if you don't " instead of " nice to have. "
B R E T T W I D N E S S is Urban Land's online editor.

Lord Norman Foster, Rosemary Feenan

Despite Pandemic, Future of Cities Can Be
Greener, Cleaner, and More Desirable
Despite ongoing global crises,
renowned architect Lord Norman Foster
remains optimistic about the future of cities
as centers of civilization. " The story of cities is
really the story of crises. Throughout history,
cities have bounced back better after a crisis, "
Foster said in a keynote address at the 2021
ULI Virtual Europe Conference in February.
Foster's award-winning architectural
design and engineering firm Foster + Partners
is known for its innovative, modern, and
sustainable approach. He was interviewed
by Rosemary Feenan of QuadReal Property
Group, who said that Foster has " a consciousness and concern for the sustainability and
resilience of our urban futures that goes way
beyond simply the structure. "
The Great Fire of London in 1666 heralded
much of the safety precautions that are
common today, Foster said, and also created
the " DNA of London as we take it for granted
today " with Georgian squares and terraces.
The 18th-century earthquake that devastated
Lisbon informed much of the thinking on
earthquake-proofing buildings during the years
that followed, he added.
The 19th-century cholera pandemic led to the
embankment of the River Thames and more
modern sanitation, he noted, and when New
York City similarly saw its population decrease
due to cholera, Central Park was created to provide open space and improve air quality.
" With all these examples, I would suggest
what seems like change in the wake of a pandemic is really accelerating trends that were
already there, " he said.

Rosemary Feenan (left), executive vice president, research, QuadReal Property Group, interviews Lord Norman
Foster, founder of Foster + Partners, as part of the 2021 ULI Virtual Europe Conference.

" Technology has always been there at any
point in time. Technology has always been
the spur to innovation, " Foster said. He cited
cathedrals as something that would be difficult
to duplicate with modern building techniques.
" Changing patterns of work is not new. It has
been said that if you want to look far into the
future, first look far back into the past. "
The shifts in mobility mean that less space
is required for certain kinds of transport, he
said, because the next generation is not as
interested as previous ones in private ownership of cars or bicycles, using them only as an
on-demand service. " This opens the prospect
of rediscovering a tradition of the past of
greening of the city, of noble avenues, with
more space for trees which consume carbon
dioxide, making the city greener, quieter, and
safer, " he said.

" Changing patterns of work is not new. It has
been said that if you want to look far into the
future, first look far back into the past. "
-LORD NORMAN FOSTER
Foster said he hopes that cities will become
more attractive and desirable, without the pollution, and rediscover the sense of place that
transcends individual buildings. " That's not
in any way to denigrate the importance of an
important building, which is a celebration, " he
said. " But, in a way, the greater celebration is
the background buildings that don't shout at
you, that create very desirable outdoor rooms
and outdoor spaces. That's the essence of
urbanity. " -B.W.
SPRING 2021

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Spring 2021 Issue

Table of Contents for the Digital Edition of Spring 2021 Issue