
LA TADEO DEARTE 9 N.º 12 - 2023
WHEN THE FUTURE BECOMES NO LONGER A THREAT BUT, MORE, AN OPPORTUNITY
SEIZING THE
OPPORTUNITY
Nowadays, real estate business is being reimagined in
the metaverse. It now oers a fast emerging but viable
investment opportunity in an entirely new way. Digital
architects are engaged in designing an entire parallel
universe that seamlessly connects with our existing one
(Figure 10).11 It is a new world that enables investors and
owners to create interactive spaces that facilitate virtual
contact between users anywhere. To date, such virtual
real estate investments have taken place primarily on
established metaverse platforms, e.g., [Sandbox] and
[Decentraland]12, but options also exist for investors to
create their own metaverse platforms (i.e., the route I
would expect the City to take). In either case, the skills
required to make these early forays into the metaverse
involve virtual real estate management, digital archi-
tects, metaverse curators, technologists (i.e., specialists
in virtualization) and, significantly, new media artists to
create the look and feel of customized virtual space.
There appears to be much to gain by making an
early investment in the metaverse: those who take the
plunge, while having to navigate a number of associ-
ated risks, could well find themselves in a position to
reap substantial financial rewards as the metaverse
gains mainstream adoption in the next five years or so.
Time, then, is on the City’s side because by the time the
London Wall West becomes a physical reality the mar-
ket in virtual real estate will have become fully estab-
lished. For the City, facing an uncertain future, I believe
it is this hybrid form of development that may oer the
best of both worlds: it will enable the City to demolish
existing buildings at London Wall West without compro-
mising the construction of a fully sustainable develop-
ment. The vacated London Museum structure is overtly
idiosyncratic, fit only for the purpose for which it was
designed, and Bastion House, to achieve status as a
Grade A oice, will require the replacement of every ele-
ment of its fabric and services. A myopic stance towards
climate change should never become a reason to retain
existing buildings that are no longer fit for purpose. At
London Wall West, demolition, not retention, is the way
forward with a watchful eye kept on the City’s declared
role as a champion of sustainability.
Fortunately, the DS+R scheme already contains
the seeds of its own transformation into a 50/50 world.
A glance at the proposed oice buildings (Figure 4) re-
veals that each is almost a mirror image of the other–a
somewhat exceptional circumstance that enables them
to be reconfigured as digital twins–one physical, the
other virtual–as we have seen happening in companies
undergoing digital transformation. At London Wall
West, the virtual twin can be expected to contain vital
information on the structure, context and behaviors of
the physical twin. It will be dynamically updated with
data from its physical counterpart throughout the life-
time of the project. Further, the virtual twin will enable
owners, designers, contractors and trades to speak the
same language and share a common understanding of
the project’s requirements, constructs and needs. For
the City, a virtual twin’s potential to provide a “what
if” analysis and simulations of the future will be of
particular value–a key management tool for assessing
risks and assessing outcomes. Also, as I explain in 3.7,
the London Wall West virtual twin will take on a life of
its own as part of a [London Wall] metaverse platform
where, as owners of virtual space, the City will establish
a valuable asset for letting space, as in the more familiar
physical world.
To illustrate the environmental impact of this trans-
formation, I have adjusted one of DS+R’s presentation
drawings to show how the physical “removal” of one
of the twin towers opens up vistas from a substantially
enlarged meadow (Figure 11). The potential gains are
significant: more open green space is acquired and the
considerably reduced carbon footprint of a partially
virtualized scheme, achieved by building less, will set
new standards of sustainability not only for the City
but, also, demonstrate a viable way forward to the rest
of the world.
Of course, before plunging into a virtual world, the
City will need to be confident that the carbon footprint
of constructing non-real estate will represent a signif-
icant improvement over the carbon cost of physical
construction. This is a subject surrounded by confusion,
which is not helped by the arcane language used to
describe the processes involved.