Over the past ten years a significant number of businesses have relocated their headquarters to Reading. And since the pandemic, which created a major shift in the way companies and their teams use office space, more firms have chosen to move out of London, or establish a base in the UK outside of the capital. But why has Reading become such an important hub for businesses?
New research from REDA has identified some of the key factors driving Reading’s strong office market and what sets it apart from other locations including Oxford, Cambridge, Hammersmith, Chiswick, Slough, Maidenhead and Bracknell. The report showed that there were three main reasons why Reading is being chosen as a HQ more frequently:
- The large number of IT and professional services businesses (including tech firms, consultants, law, finance and accountancy firms) already based in Reading, which has created a strong local ecosystem
- The amount and choice of office space available
- The success of attracting businesses who were based in other towns along the M4 and M3 – creating a culture of firms wanting to jump on the Reading bandwagon!
Digging deeper it’s helpful to consider what this really means for firms looking for a dynamic HQ base. In simple terms Reading has:
- More office availability than Oxford and Cambridge combined, Hammersmith and Chiswick combined and the combined available space in Bracknell, Maidenhead and Slough.
- 6 million sq ft of available office space with over 280,000 sq ft of office space under construction.
- More HQs across a number of key sectors – IT and communications, professional services, life sciences and financial services. As part of the Thames Valley, which is often referred to as the UK’s Silicon Valley, the area has attracted major multinationals including Microsoft, Oracle and Cisco.
- Excellent transport connectivity including faster travel times to central London; 30-40 minutes by train to London Paddington, and close and easy links to Heathrow and the M4.
- A higher percentage of workers employed in professional occupations.
- Lower housing costs and access to green spaces, good schools and family-friendly areas which offer a strong work-life balance without city prices.
- Access to a wide and high-quality skilled workforce, with proximity to the University of Reading as a talent pool.
- Better operational costs with lower commercial rent and salaries than Central London.
Reading offers something unique – a blend of connectivity, talent and affordability. It’s especially well-suited for tech firms, service providers, consultancies and back-office HQ operations that benefit from being near London without the associated costs and commutes!
If you’re considering Reading for your HQ and would like to visit The Blade and see our exceptional office space please get in touch.