reading number 1 city


to the working-day flow; areas within a building where people can choose when and where to work.”


Co-working environments and forum events enable individual identity alongside networking, collaboration opportunities among like-minded businesses, the sharing and solving of business concerns, and formation of working and social friendships.


Reading’s attractiveness for modern businesses was highlighted in February when Fora leased three floors of Thames Tower, opposite Reading Station, as its first flexible and co-working location outside London.


Reading acclaimed as a market leader


Co-Star Group’s analytics director Richard Yorke confirmed Reading’s attraction with market-leading data and his insight into the status of the town within the UK commercial property market.


Declaring Reading as the No 1 ‘city’ of the Co-Star 50 Occupier Index covering the UK’s most dynamic office occupier markets by stock, activity and demand during 2017, Yorke said: “It shows that Reading is the kind of city that occupiers want to be in.”


Yorke also noted: “About £480m was invested in office stock in the Berkshire and north Hampshire market over the past 12 months and about half of that went into central Reading.” The Berks and north Hants market provided about one third of the biggest 2017 deals across the whole southeast, he added.


Southeast property investment volumes in 2017 were “extremely robust, a phenomenal year with some outstanding deals,” said Yorke, around 30% up on 2016. “So far this year, that momentum has been maintained.”


Office and retail remain the dominant core, but there is growing investment towards industrial and private rented (PRS) sectors and alternatives such as healthcare, hotels, student accommodation, etc.


“Investors want modern or refurbished stock and Reading is supplying a good number of those properties.” Yorke highlighted developments such as The White Building, Abbey Gardens, The Blade, Nine Greyfriars, R+, Thames Tower, and Station Hill. “There is a really strong tail-wind behind the Reading market.“


Yorke summarised: “t’s an extremely positive


READ NG NUMBER


CITY 1 Business THE TM MAGAZINE THE BUSINESS MAGAZINE – SEPTEMBER/OCTOBER 2018


1 Haslams 2 GVA


3 Sharps Commercial. businessmag.co.uk 49 TM sponsored by


story with waves of investment coming into the southeast’s commercial real estate; much of it attracted to the local Thames Valley market and much of it concentrated upon central Reading.”


Reading must continue to embrace change


Award-winning Reading, one of the UK’s fastest growing business centres, has already come a long way and is continuing to evolve as a vibrant ‘city’ fit for 21st century business, stated Peter Brett Associates partner Scott Witchalls.


“We already operate on a world stage, and we should congratulate ourselves on what a great place we’ve got here in which to live and work.”


Major change can be achieved successfully, stated Witchalls, exampling the new Reading Station, Green Park, The Oracle, town- centre pedestrianisation, leading-edge office workplaces, and M4 J11 restyling. “We mustn’t be afraid of change; we’ve got to embrace it. Be confident about where we have come from.”


‘Coming soon’ to Reading, he highlighted the Elizabeth Line (Crossrail) and rail electrification, Green Park’s new station, M4 ‘smart motorway’ work, improvements to mass rapid transit, and the promise of Heathrow expansion allied to a western rail link direct to Heathrow from Reading. “These are things other regions only dream of,” Witchalls remarked.


Reading’s new Science Park at Shinfield and extensive south-of-M4 housing developments are also well underway, but Witchalls focused on the proposed Royal Elm Park development – set to enhance Reading’s global reputation with its regional facilities and services that enable national and international activities.


Along with 600 new homes, Royal Elm Park will provide a major convention centre holding 6,000 delegates, a 1,200 place- setting banquet hall, exhibition space, a 600- seat ice rink, cafes, bars and restaurants, plus free event transportation services.


Witchalls accepted that Reading needed to keep managing and resolving its accessibility issues as the town evolves, but added: “Don’t dream of an uncongested environment, because it will be dull, lacking dynamism and unsuccessful. You need people within a thriving town.”


supported by 1 Lambert Smith Hampton


2 Parkinson Holt 3 Campbell Gordon. Office Deals (by sq ft):


Office Deals (by total number): Reading’s top dealmakers


During Richard Yorke’s presentation, Jonathan Browning presented CoStar’s regional Dealmaker Awards 2018 to Reading’s top commercial property agents.


1 Campbell Gordon 2 JLL


3 Parkinson Holt. Industrial Deals, (by total number):


1 Sharps Commercial


2 Haslams 3 LSH.


Industrial Deals (by sq ft):


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