Reading is in a prime position to benefit from a Post-Covid shift in how and where we work, moving businesses from Central London out to the suburbs, in a trend called ‘Hub and Spoke’, writes Jonathan Ratcliffe from Reading office agency Offices.co.uk.
Lockdown has changed the way we work, the reluctance to commute and be in busy places – and Reading is in a prime position to accommodate this fall-out from businesses moving away from Central London.
As we begin to see the further easing of Covid-19 lockdown measures, more and more UK businesses can begin to get back to work. One part of the UK which will see a post-Covid boom is Reading – due to the predicted trend for businesses post-Covid looking to move from central London to outside of the M25 area. This trend is ideal for Reading, whose geographical location and excellent transport connections are set to transform it into a huge regional office town.
Hub and Spoke effect
As more of us work from home, businesses will tend to shrink their office requirements in central London where huge costs and the busy transport network are restrictive. Suburbs with excellent transport into the City are set to enjoy a boom from businesses keeping a central London HQ but using flexible workspaces within an hour of the Capital – such as Reading to the west and Brighton to the south.
Everyone in and around London is eagerly awaiting the Crossrail railway project to be completed by 2021. Crossrail will get you from Reading to Central London in around 45 minutes which is great news for businesses based in the town.
A cheaper, better life
Relocating to Reading should also offer a nice surprise for employees in terms of house pricing. With the average property here selling for around £435,000 and an average London property going for around £630,000, the difference is obvious – those looking for a slower pace will enjoy the easy access to parks and country surrounding.
Reading has enjoyed the opening of premium office spaces such as The Blade, 40rty, R+, Thames Tower and Forbury Square to name a few; however there are new flexible office spaces being opened this year too.
One new co-working space is Co-Work Reading which is opening in September within Broad Street Mall. Providing hot desk, co-working and private office spaces within its 13,500 sq ft building containing with all the mod cons you would expect such as meeting rooms, phone booths, showers, kitchens and dining areas.
This is an extremely exciting time for Reading because a trend which was only just starting before Covid-19 due to Crossrail has almost been turbo-charged. We are seeing lots of interest in space there.