Podcast: the real cost of building London's skyline

Steve Watts is a London-based cost consultant and Global Chair of the Council on Tall Buildings and Urban Habitat (CTBUH), with decades of experience on landmark projects. Hosts Oli Lowrie and Jon Ackroyd spend 33 minutes with him unpacking why building tall in London is harder, slower and more expensive than it should be.

The central tension is this: tall buildings are, in the episode's own words, "irreversible financial commitments". They span multiple economic cycles, which means decisions made at the outset, on design, procurement, and programme, carry consequences that compound over years. When those early calls are wrong, or when the economic conditions shift, projects stall. That is exactly what is happening to a number of London towers right now.

Watts sets this in a global context. Rising construction costs, supply chain constraints, and broader economic uncertainty are not unique to London. Viability is under pressure on tall projects everywhere. But London has its own added complexity: a planning environment that, while it produces high-quality buildings, contributes to higher costs and slower delivery.

One of the sharpest observations in the episode is that shape matters more than height. The geometry of a tower, how efficient its floor plates are, how resolved its structure is early in the design process, has a major bearing on what it ultimately costs and whether it can be delivered at all. Height grabs the headlines; efficiency determines the outcome.

Watts makes the case for earlier collaboration between designers, contractors and cost consultants, and for smarter, leaner design that can deliver "more for less" without compromising quality. It is a practical argument, grounded in project experience rather than theory.

This is a useful episode for anyone working in development, construction, or cost management who wants to understand the real economics of London's skyline. Listen on YouTube or Spotify.