Is Reading really "over the hill"?
A property boss says Reading has peaked. But rents, major regeneration and a new economy suggest a different story
Reading’s Station Hill development
Reading has been described as a town in decline, with concerns over empty shops, development and its property market. But is that the reality? Let’s examine the evidence behind the claims about Reading's future.
(This is an edited extract from a story originally published by The Reading Reporter. The full version is available on Substack.)
“Reading is not yet derelict but it’s over the hill, past its zenith, living on legacy reputation and facing an urgent need to reinvent itself for the post-office, post-pandemic economy.”
To say that Michael Garvey MBE’s comments raised some eyebrows would be putting it mildly. Those eyebrows could not have raised any further – literally – given he delivered this verdict on the top floor of One Station Hill, the highest office space between here and London.
It is the flagship, new, award-winning symbol of Reading’s growing economic power. Not that Mr Garvey, the managing director of commercial property consultant Chandler Garvey, was in any mood to sing the town’s praises. He was more inclined to do the haka.
His list of charges against Reading was long. Garvey said that corporate occupiers of office space, and property developers, were now passing Reading by.
If true, that would have worrying implications for Reading’s economy, jobs market and local residents’ prosperity.
“Yeah – it’s because he works in High Wycombe,” says Fiona Brownfoot, a director at Hicks Baker, the Reading-based commercial property consultancy. “If he can rubbish the competition, he’ll hope we all might flock there.
“Go back to High Wycombe and shut up, Mr Garvey!”
Before things start to resemble the terraces at a Reading vs Wycombe football match, let’s be clear: this is tongue-in-cheek tribalism.
For all of Reading’s economic growth, the danger is that investors quietly agree with Garvey. His argument might be provocative, but do we need to heed his warnings to avoid decline?
Want to know whether there’s really a property decline in Reading?
Read the full story for free on Substack, where I reveal how record rents, regeneration and a defence-led surge suggest another story. You'll find many more stories like this about Reading too. Read more: Is Reading really "over the hill"?
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Chris (The Reading Reporter)