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news opinion
Flash back just a week, or three, to the time of writing, when the question of whether we remain or leave still pervaded every inch of media space …
Personally I’d seen about as much as I could take, to the point where the more unusual the material, the more of a relief it was to read. One refreshing view we received was from Lord Saatchi, chairman of the Centre for Policy Studies.
He considered both Remain and Leave options dismal – one too frustrating and the other too frightening – and balanced this grim view with the “Eutopian” suggestion that “Britain should … prepare to take its rightful place as the natural leader of Europe.”
He set out a self-confessed idealistic vision “whereby Britain can enjoy the benefits of a big trading bloc without the price that goes with it (the loss of control).” It will be “the work of a generation” he said. “Maybe several.… Let the prime minister start now.”
While to me it lacks a wider, more humanitarian view, his vision – realised even in part – would no doubt benefit the region’s businesses.
Anyhow, the remain or leave issue is finally decided. The real enemy here felt like uncertainty, which was causing business activity to slow. Now those pending decisions can be brought out of their boxes.
We look forward to reporting on businesses in the Thames Valley that are finding and making opportunity in the challenges. In fact many of the companies already making their mark are celebrated in this issue where we unveil the latest Thames Valley 250 listing (see pages 19 to 25).
In other news, big and small, Microsoft has got LinkedIn; Euro 2016 is in full swing (and HR directors are warning of post-match ‘sickies’); and Hillarys reports that Britons that get up before 7am earn £15,000 more.
The workplace environment is found to play a major part in recruitment and retention (see our ‘Future of work’ roundtable discussion reported on pages 41 to 44). And a UCL study finds that seeing your customer, in fact the mere sight of a customer, makes you better at your job – another good reason for you to join us at our events.
Carry de la Harpe Editor
businessmag.co.uk
Soaring office rents still have a way to go
Strutt & Parker reports that though the South East office market has seen new record rents, with most commercial hubs apart from Slough, Crawley, Bracknell and Basingstoke having exceeded previous records, rents still have a way to go because in 'real' terms they are considerably cheaper than in 2000.
Strutt & Parker claims that when benchmarked against the Consumer Price Index, rents across the region have fallen between 12% and 41% in the 2000-2016 cycle.
The company reports that previous peaks have been surpassed by up to 15% in some areas, with the greatest successes due to the delivery of new Grade A space.
Ed Smith, head of national markets office agency at Strutt & Parker, said: “82% of transactions in the South East in the past two years have been on Grade A or new Grade A space, demonstrating a flight to quality by occupiers. This demand for high-quality, well-located space remains unabated, with identified named demand currently standing at 4.75 million sq ft. Thus we fully expect to
Reading’s Thames Tower tops out
Joint venture partners Landid Property and Brockton Capital LLP have celebrated the topping out of the Thames Tower in Reading. This 180,000 sq ft contemporary office building has been designed to accommodate the City’s rich talent pool and London occupiers seeking better alternatives for their business.
The Landid/Brockton partnership was joined by Mohammed Ayub, the recently-elected mayor of Reading, and Tony Page, deputy leader of the council, to celebrate the construction milestone.
Thames Tower, on target to complete in the first quarter of next year, will act as a high- profile landmark building which will welcome new business occupiers into Reading town centre. Located on the pedestrianised piazza, directly opposite Reading’s newly rebuilt £500 million station, it offers excellent access to Reading’s rail connections, which will be further enhanced when from 2019 the Elizabeth line will open up even more routes between Reading and the capital.
Originally an 11-storey building, Thames Tower has been stripped back to the frame, the floor plates have been extended and an additional four floors added. A 1,333 sq ft rooftop terrace will provide space for
From left: James Silver, Landid Property; Nick Harding, Bower & Kirkland; Tony Edgley, Brockton Capital; Mayor Mohammed Ayub, Cllr Tony Page; and Nigel Horton Baker, Reading CIC
occupiers to hold meetings, collaborate on projects and enjoy 360 degree views of Reading and the Thames Valley. The building’s ground floor has a double-height reception area which leads to the first floor, comprised of 8,000 sq ft of restaurants, café and other amenity space.
The Landid/Brockton partnership is one of the most active office developers in the Western Corridor. It is currently also developing two other major office buildings set for completion between Q4 2016 and Q3 2017: Charter Building in Uxbridge, and Porter Building in Slough.
JLL and Parkinson Holt are the letting agents for Thames Tower.
landid.co.uk brocktoncapital.com
THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2016
see rents move on further with new highs being reached.”
He added: "In towns with limited supply, occupiers will have to consider off-plan pre-letting, as was witnessed in Staines, Wimbledon, Abingdon and Crawley in 2015. Alternatively a move to a location which does have Grade-A new supply could be the solution. Reading has certainly benefited from its healthy supply levels this year, with Thales and Bayer moving from Basingstoke and Newbury.”
Tom Grounds, partner in research at Strutt & Parker, commented: “For occupiers, staff costs are a far larger part of the cost pie, and winning the war for talent is dependent upon having good-quality accommodation in the right location. In towns where rents aren’t moving on as quickly this is due to stronger supply pipelines and/or weaker amenities and connectivity, not to occupiers’ concerns over cost.”
Courtesy of CoStar
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