Attracting young talent
Like many successful and vibrant towns and cities, Reading is enjoying population growth. This is a sure sign of long-term economic stability, especially if the right mix can be achieved. By 2033, the largest age band in Reading is projected to be 15 - 24. This, in conjunction with the increase of over 65s, clearly demonstrates Reading's multigenerational appeal.
Whilst the 15-24s hold the promise of future workforce, the town is also extremely good at attracting graduates who have studied elsewhere. Approximately 30% of the graduates working in Reading grew up here, studied elsewhere and have returned. Reading University also offers a steady stream of skilled graduates.
Reading has performed relatively well in terms of its supply of new homes, building more than the Local Plan annual target in three of the last five years. With several large-scale developments taking place and a strong pipeline of applications and sites, there’s a real drive to maintain that delivery rate.
Purpose built stock is catering for demand with flats for younger people and those seeking ‘city’ centre living. The new housing stock is also fulfilling the continual demand in the rental market which remains highly competitive. The mix of freehold, leasehold and rental property means there’s plenty of choice to cater for the demands of a wide spectrum population demographic.
Where prime urban space is being used for flats and affordable housing, there’s still plenty of space for the sandwich generation, with families able to access edge of town developments in Reading and the surrounding town and villages. Supported by improved commuter links and better public transport there’s now an interconnected network of housing and commercial property that supports a positive work life balance without compromise.
Opportunity for further growth
While Reading is doing well currently in terms of its supply and demand for both residential and commercial property, Savills have identified that the longer-term plan needs to acknowledge the rate of growth and make provision for additional housing stock and extra commercial floor space. However, this opens up a huge opportunity for inward investment. Harnessing that growing talent pool of young people, many of whom are moving into Reading, and having the opportunity to take advantage of prospective development creates the ideal ingredients for high growth, exciting companies looking to relocate or develop purpose-built premises and headquarter facilities.
As the plans develop for future business premises, commercial space and housing, there’s still ample space availability to accommodate inward investment, start ups and expansion. Research by Knight Frank says 95% of lettings over the past 12 months in Reading have been for prime new office buildings, or ones comprehensively refurbished to meet modern standards. This demonstrates that new stock is already coming online and existing landlords are upping their game and willing to adapt space to meet the demands of a more discerning clientele. With a range of incubators, shared space, multi-tenant and entire buildings on offer, Reading can cater for every size of company and equally ensure there is sufficient supply chain to support the growth of occupiers.
If you’re looking to relocate to Reading and would like to know more contact REDA – Reading’s Economy and Destination Agency https://www.visit-reading.com/business
If you’re looking for high quality, prime office space without standing views and high levels of occupier satisfaction, please contact us here at The Blade.
Savillspositioned for growth article/research
KnightFrank M25 & South East Markets Report
PWCGood Growth for Cities Report