Hailed as the global event that would inject much needed optimism, pride and investment into our slightly less loved, cash strapped city, the Olympics with only a day to go before the grand opening has already proved to be money not well spent. With hundreds of thousands of tickets left unsold and with tickets still available for the opening ceremony, not only have the organisers been caught short but so too have Londoners trying to benefit from the buzz around the games.
As millions of Britons travelled abroad to warmer climes and to avoid the disruption the Olympics would bring, it seems that many had the same idea and have been put off coming to London probably due to the expense and partly from the vast show of local and military force that has been required to secure the site and the attendees.
The result has been that hotels of all standards, restaurants and local attractions have seen a dramatic drop in clients in the days leading up to the Olympics. With the promise of tens of thousands of people swarming to London looking for accommodation close to the Olympic village, existing Landlords and those looking to cash in on their hope to rent their property for 3 to 4 times the marketed value over the 6 weeks covering the Olympics and Paralympics have been sorely disappointed. The reality is that supply has far outstripped demand and around 85% of those who marketed a property specifically for the games have not been able to find tenants.
Only time will tell whether the Olympic legacy will provide anything more than the booby prize and an anvil around our necks.