With 21 days to go until the big day, a study of more than 250 London commercial property companies reveals that the majority are buoyant about the 2012 Olympic Games.
Nearly all commercial property firms (92 per cent) think that hosting the Olympics and Paralympics will help promote London internationally, three-quarters (76 per cent) think they will boost tourism, and 63 per cent of commercial property businesses say they are looking forward to the Games.
A quarter of respondents expect their commercial property businesses to benefit directly from the events and two-thirds of commercial property companies (64 per cent) expect at least the same level of business and customer activity during the Games.
While the number of commercial property businesses who feel confident about dealing with the logistics and transport issues during the Games has risen five per cent since last year to 37 per cent, the scale of the challenge is becoming ever clearer, as 46 per cent are still worried about their level of preparedness.
Half of commercial property employers intend to let their employees work from home during the Games and 57 per cent will adjust their working hours, while 46 per cent of commercial property firms say they will allow employees to have time off to go to events.
CBI London Director, Sara Parker, said: “The 2012 Games will help showcase London around the world and will be good for the economy.
“But with only a month to go, the scale of the challenge is becoming clear and some businesses are still nervous about their levels of preparedness. That’s why it’s crucial that all companies ensure they plan ahead, particularly for the transport and logistical challenges.”
Parker further added: “It’s encouraging that many firms are already thinking about flexible working during the Games, but with a huge influx of people expected in the capital in a matter of weeks, those who haven’t prepared need to turn their attention to this as a matter of urgency.”
In terms of logistics planning throughout the Games, 13 per cent of commercial property companies will stock up on supplies and 12 per cent will reduce deliveries. While 80 per cent of respondents have not planned any special measures, 29 per cent are unclear of suppliers’ ability to get deliveries to them during the Games period.
The number of commercial property businesses who do not feel that they have adequate information in order to plan for Games has fallen in the last six months. Breaking the statistics down further, 53 per cent believe they do not have sufficient information about security during the Games, while 43 per cent believe they do not have enough information about Olympic and Paralympic Route Networks (37 per cent mean this in respect of transport bottlenecks).
Turning to what commercial property businesses think about the Olympics and Paralympics, three-quarters of respondents (76 per cent) think the Games will have a positive impact on regeneration and half of commercial property firms think the Games will help improve transport. Enhancing skill levels remains the area where commercial property firms think the Games will have the least impact (37 per cent).
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