The Westminster Property Association’s (WPA) analysis, A platform for prosperity: the economic and social impact of Westminster’s built environment, provides a comprehensive assessment of the contribution WPA members make to Westminster’s economy, communities and public finances. It demonstrates how the built environment sector is fundamental to Westminster’s long-term prosperity – showing how it not only drives economic activity through its own operations, but underpins employment, investment and growth across the commercial space it owns and manages.
The report reveals that Westminster is one of the UK’s most significant economic centres, generating £95 billion of economic output. WPA members collectively own around 40% of the borough’s floorspace and support a substantial share of economic activity across a wide range of sectors. The report highlights the scale and reach of this contribution, with WPA members generating £2.5 billion in direct GVA and £42 billion in indirect GVA each year – underpinning businesses, incomes and the continued vitality of Westminster.
Key findings include:
- WPA members directly support around 20,000 jobs in Westminster and indirectly support around 335,000 jobs across the borough’s wider economy.
- Worker expenditure linked to WPA-supported jobs contributes £1 billion annually to Westminster’s economy.
- WPA members contribute up to £1 billion in direct tax and up to £17 billion in indirect tax each year in Westminster, supporting the funding of public services and infrastructure.
- Westminster City Council collected £81 million in CIL and S106 in 2023/24, supporting investment in local infrastructure and communities.
In his foreword, WPA Chair James Raynor (Chief Executive, Grosvenor Property) writes:
“The built environment is fundamental to that [Westminster’s] success. The quality of buildings, streets and public spaces shapes how Westminster functions as a centre of economic activity, and how it supports wellbeing, opportunity and social connection. Put simply, the built environment is not just a sector in Westminster’s economy, it is the platform on which that economy depends.”
This report was authored by Volterra with contributions from WPA members: BCLP, BEAM, British Land, CBRE, Derwent London, Dolphin Living, Duke Street Property, DP9, Eric Parry Architects, Gardiner & Theobald, GPE, Grosvenor, JLL, Knight Frank , Landsec, Lazari, Make Architects, Montagu Evans, Old Park Lane Management, Savills, Soho Estates, The Howard de Walden Estates and The Portman Estate.
Read our report here
