Whether you’re traveling on business or pleasure, take time to see how London — host of the 2012 Olympic Games — continues to reinvent itself

The great American poet T. S. Eliot was a convinced Anglophile who enjoyed a love-hate relationship with his adopted hometown of London.

In his poem “The Waste Land,” he described it as an “unreal city,” living under a brown fog on a winter dawn. In “The Love Song of J. Alfred Prufrock,” he compared the London fog to a cat, rubbing its muzzle on windowpanes.

London’s famous pea soup atmosphere has been relegated to the trashcan of history under the assault of successive Clean Air Acts since 1956, and it can be a surprise to find the city gleaming in the clear air of a crisp spring morning. Under the leadership of energetic mayor Ken Livingstone, and with the support of the boroughs and central government, London has transformed itself into a city for the 21st century. Welcoming to business and with a tax regime that facilitates international commerce, London encourages regional and international companies to establish offices, and opens its arms to people from all over the world.

Leaving Canary Wharf station.

Having lived just outside London for 30 years, I only casually noticed the changes to the cityscape, they occurred so gradually. But their cumulative effect was best captured for me in 2006 when a longtime friend who has businesses in Spain, Peter Harrison, returned to the British capital for the first time in more than 10 years. He was stunned.

“It seems the world is here,” he said. “I could hear Spanish, German, French, Japanese — or Chinese, I’m not sure — and what sounded like Russian or Polish. And not just the people waiting tables — these were the customers!” More than 300 different languages are spoken in London, according to the London Development Agency. The city’s multilingual character is reflective, perhaps, of its role as the world’s leading financial center.

“London has the most internationalized financial and business service sector in the world,” says David Adam, head of the London Development Agency’s Emerging Markets unit. “Eighty percent of London’s business is international. That’s what makes us different; that’s what its added value is. If you’re an international business and you want to raise capital, if you want to buy or sell bonds or debt, London is the place.”

More than 40 percent of the world’s foreign equity trading happens in London, which places it ahead of the New York Stock Exchange, and over 30 percent of the world’s currency exchanges take place here — more than in New York and Tokyo combined. It’s no wonder the world’s leading banks and financial institutions all have major presences, either in the City of London itself — London’s original heart and now its financial district, close by the river to the northwest of Tower Bridge — or in Docklands, the revitalized historic port area running from Tower Bridge downriver to the Thames Barrier.

To reach St. Paul’s Cathedral, pedestrians cross the Millennium Bridge.

The Face of Evolution

London’s changing cityscape is the manifestation of centuries’ worth of evolution and revolutions. For years, the great dome of St. Paul’s Cathedral, on the north side of the River Thames and to the west of the City, rose above all as London’s dominant building. In a painting dated 1792, the cathedral is surrounded by smaller churches and chapels like courtiers around a king — or maybe executives around a CEO. Tower 42, completed in 1981 and located near the Bank of England, now stands as the tallest building in the City of London. It too has gathered its acolytes as business has expanded. Near Tower 42 are the London Stock Exchange building, the Aviva Tower, the postmodern Lloyd’s of London building, and an office tower officially called 30 St. Mary Axe but universally known as the Gherkin (the moment you see it, you’ll understand why).

But the City’s center of gravity is moving eastward. The establishment of the London Docklands Development Corporation in 1981 achieved two objectives in one go. It made real estate available at more realistic prices and regenerated a rundown area. The availability of large-footprint accommodations at realistic costs has attracted more business to both centers.

The Tower at Canary Wharf (known officially as One Canada Square) in Docklands, completed in 1990, is currently the tallest building in Britain. Around it are clustered the HSBC Bank building, Citi Centre, Barclays Bank HQ, and a nest of lower-rise buildings that host Morgan Stanley and other investment banks, international accounting and consulting firms, and corporations from all over the world. They reflect the way the city’s economy has changed.

“London’s economic base was utterly dependent on manufacturing in the early 1970s, with just over a million people employed in it,” says Adam. “It’s now smaller and higher-value, with specialist industries that provide service to [other] industries, like food production for airline catering services around Heathrow and printing services for newspapers and corporations.” Ford’s plant in Dagenham, to the east, was once the company’s largest integrated production plant in Europe; it’s now a global center of excellence for Ford diesel engine design and manufacture. “Over the period from 1971 through 2004, manufacturing employment declined to less than 250,000,” Adam continues. “The number employed in financial and service industries has nearly doubled, from less than 750,000 to almost 1.5 million. It’s projected to grow further, to more than 2 million by 2020. What London has achieved is to replace one industry with another.”

Lloyd’s of London building and the Gherkin

The residential property market in London — although affected by the U.S. subprime mortgage crisis — has its highlights, such as One Hyde Park. The foreign minister of Qatar recently paid a reported £100 million (approximately $198.4 million) for the development’s 20,000-square-foot penthouse, making it the most expensive apartment in the world at the time.

“The top end of the residential market is still doing very well, and there’s a shortage of homes over £1 million,” says Malcolm McCallion, managing director of Propertyfinder Publishing. “And I understand that the commercial property market continues to be strong.”

While financial crises are transitory, real estate inventory remains a paramount concern over the longer term. Thames Gateway, running 40 miles east of Tower Bridge on each side of the estuary, is opening up residential and business opportunities beyond the city’s boundaries. Developers intend to build 160,000 new homes and bring in 225,000 new jobs by 2016. The project covers areas across seven London boroughs, three regional development agencies, and two county councils outside London — Essex and Kent — as well as three urban authorities, the London mayor’s office, and the central government.

“Land at Thamesmead sells for £500,000 an acre; in Dagenham and Barking it’s £900,000 — to the west and south, it would cost twice as much,” says Aman Dalvi, CEO of Gateway to London. With the Thames Gateway project, he adds, “you can get access to the London market and infrastructure, but much cheaper.” The project has already garnered significant support. The environs of Chatham, in northern Kent County, have received more than £400 million in public and private sector investment since 1999, with 100,000 square feet of office space providing 3,500 new jobs. The area has attracted global giants like Proctor & Gamble, BP, and LaFarge. Dubai Ports World is investing £1.5 billion into Shellhaven, on the north side of the estuary, to create a world-leading marine facility.

Let the Games Begin

St. Pancras International Train Station

Of course, you can’t talk about the changes in London without mentioning the 2012 Olympics. They will ensure another change in the cityscape, when the Lower Lea Valley, east of the City, becomes the focus of the sporting world’s attention. The immediate economic benefit will be in the construction industry. “We expect to see 10,000 jobs in the Olympic Park and another 10,000 in the Olympic village and community space in Stratford,” says Tom Travers, head of Olympic opportunities at the London Development Agency. “In the nonconstruction sectors, we expect an influx of workers in logistics, cleaning, and catering. We will be seeing labor imported from all over the U.K. and overseas too.” The drive to raise skills is being led by LEST — the London Employment and Skills Taskforce — headed by the mayor’s office. “We’re using the Olympics as a hook to get more people into work, both directly in the games and with other agencies and sectors. Long term, we aim to reduce the number of workless people by around 70,000,” Travers adds.

In the lead-up to the Olympics, the city’s infrastructure is also undergoing its own renewal. Already, each of London’s major railroad terminals hosts express service to the international airports. The Heathrow Express rail link takes just 15 minutes from the airport terminal to Paddington Station, near the West End commercial district. Gatwick Express is 30 minutes to Victoria Station, near the Houses of Parliament, and the Stansted Express carries you to Liverpool Street, in the heart of the City, in 46 minutes. The CrossRail railroad project has received the go-ahead and will run clear through London, from Heathrow in the west, through Docklands, to north Essex in the east, by 2015. It’s an essential piece of infrastructure, without which the city’s further development may have been jeopardized.

The main hall of the Tate Modern.

When St. Pancras rail station, a short taxicab ride north of the City, opened in 1866, it was the largest enclosed space in the world. Now it hosts the world’s longest champagne bar, and a glass of bubbly may be the appropriate toast to Eurostar, the train service that brings travelers to Paris within 135 minutes. The Olympic Javelin trains will take just a few minutes to travel east from St. Pancras to Stratford International station, home of the Olympic Stadium. By the time the first gold medal is presented in 2012, the trains will have been running for three years, shrinking the 75-mile journey from central London to the Kent coast to just 35 minutes.

All the infrastructure improvements surely contributed to the appeal of London as organizers chose a host city for  the 2012 Olympic Games, but Adam says it was the portrayal of London’s regeneration and globalization that really appealed to the Olympic ideals. “The film we presented in Singapore [as part of the bid to host the games] showed people from all over the world participating — a young girl from Africa, a boy from South America. But they were all Londoners. It’s that cosmopolitan story,” he adds. “It’s not just about four weeks in summer 2012; it’s about regeneration and change.”

Welcome to the future of London, clearly, a global city.

— Ruari McCallion

Getting There: Starting March 29, Continental will offer daily nonstop service to London Heathrow from its hubs in New York/Newark and Houston. In addition, Continental currently provides daily nonstop service to London Gatwick from New York/Newark and Houston, with seasonal summer service from Cleveland.

Eating in London

Whatever your tastes, London is home to a host of restaurants eager to satisfy you, ranging from vegetarian Thai to Italian, French, and every regional cuisine imaginable. Most are good, some are very good indeed, and a few are excellent — London is home to 43 Michelin-starred restaurants.

Gordon Ramsay is the city’s only three-starred restaurant. 68 Royal Hospital Road, Chelsea, 020.7352.4441

Le Gavroche (43 Upper Brook St., Mayfair, 020.7499.1826), Pétrus (The Berkeley, Wilton Place, Knightsbridge, 020.7235.1200), Pied à Terre (34 Charlotte St., London, 020.7636.1178), The Capital (22-24 Basil St., Knightsbridge, 020.7589.5171), and The Square (6-10 Bruton St., Mayfair, 020.7495.7100) all have two stars.

No fewer than 37 London restaurants have a single Michelin star. While it’s unfair to single any out, you can try Richard Corrigan at Lindsay House (21 Romilly St., Soho, 020.7439.0450) for outstanding British cooking, Mirabelle (56 Curzon St., Mayfair, 020.7499.4636) or L’Atelier de Joël Robuchon (13-15 West St., Covent Garden, 020.7010.8600) for French cuisine, River Café (Thames Wharf, Rainville Road, Hammersmith, 020.7386.4200) for Italian, or Amaya (15 Halkin Arcade, Motcomb St., Knightsbridge, 020.7823.1166) for Indian.

1 Lombard Street (1 Lombard St., 020.7929.6611) is located in the heart of the city’s financial district and ideal for combining business with modern European dining.

— R.M.

Where to Stay

Wyndham Grand London — Chelsea Harbour
This all-suite hotel, formerly the Conrad Hilton Hotel, is 15 minutes from the City and close to Harrods (in Knightsbridge) and the West End theaters. 020.7823.3000

Landmark London Hotel
Close to Regent’s Park, the Landmark is a few minutes by taxi from the West End and the City of London. 222 Marylebone Road, 020.7631.8000

Andaz London
This hotel close to the City of London and Canary Wharf was completely refurbished in 2000. 40 Liverpool St., 020.7961.1234

One Aldwych Hotel
Located at border of the City and the West End, One Aldwych is walking distance from the Strand and the Royal Opera House at Covent Garden, and a short taxi ride from Shaftesbury Avenue (for theaters) and Oxford and Regent streets (shopping). 1 Aldwych, 020.7300.0500

Brown’s Hotel
Providing “old-world” service in a contemporary setting, this historic hotel recently completed a £24 million restoration. Close to Oxford Street, Hyde Park, Buckingham Palace, the houses of Parliament, and Whitehall (the center of government). 33 Albemarle St., Mayfair, 020.7493.6020

Radisson Edwardian manages a selection of four- and five-star hotels in central London, including a four-star hotel on Canary Wharf — the New Providence Wharf Hotel. radissonedwardian.com or 888.201.1718 in the United States and Canada

— R.M.