A REGIONAL LOWDOWN ON THE COMMERCIAL AND RESIDENTIAL PROPERTY SCENE

David

O ces

The office market has bounced back from Covid – helped in part by the government's pre-pandemic policy allowing older office accommodation to be converted for residential use.

With hybrid working here to stay, businesses are prioritising high-quality A1 space, with many occupiers demanding flexible well-designed space rather than maximising occupancy. Expect flexible workspaces with hot-desking, collaborative workspaces and break-out areas.

Retail

It's a mixed bag. The fortunes of high streets depend very much on the town or city's location. London has suffered from a reduced number of workers coupled with a significant downturn in visitor numbers, but places like Newbury have benefited.

Even though the anchor retailers –John Lewis and Debenhams – have left, Newbury's relatively new Parkway shopping centre still feels busy, with plenty of big-name shops to attract visitors. Next moving into the former John Lewis store provides a clear confidence indicator for the centre.

Residential

The market hasn't skipped a beat during the past few years. Developable land remains in short supply and demand continues to outstrip supply. While there are some signs that house price increases may be slowing down, they're not reversing. The rental housing market remains overheated – demand still outstrips supply. National and international investors are supporting the build-to-rent market, a relatively new product with new-build blocks of 200+ furnished units with high-quality ancillary services including concierge, gym, cinema room, and dining facilities.

What effect the cost-of-living crisis has on property prices remains to be seen, though.

Industrial and warehousing

For many years there's been very little speculative build of industrial units because the yield wasn't there, but that seems to be changing.

The warehousing market has boomed, driven mainly by Amazon and other online operators reliant on the speedy delivery model.

People like the convenience of shopping online and getting their goods delivered the next day.

I think the time is coming when the big retailers have massive strategically placed warehouses, and smaller local warehouses in towns and cities to fulfil the last step of the delivery.

We might see more retail units –especially those in older, unloved shopping centres – become local distribution/collection hubs, with customers collecting rather than waiting for delivery. This could foster a reversal in shopping habits with increased footfall driven by collection rather than the traditional retail experience of browse and buy.

Reading

Reading missed out on becoming a city again, after four times of trying. It seems it's doomed to be the UK's biggest town.

It is said that city status has no tangible benefits – and certainly that's true when it comes to attracting government funding. But city status lends a place gravitas and I'm sure it helps with inward investment –especially international investment.

However, Crossrail has given Reading an enormous boost. When the Elizabeth Line is fully operational, four trains an hour – six at peak times – will transport passengers from Reading quickly across central London without having to change at Paddington.

Gloucester

Gloucester has spent years playing second fiddle to Cheltenham, but finally seems to be finding its feet. According to Rightmove, it's enjoying the fifth largest year-on-year increase in asking prices for housing – up 12 per cent on this time last year.

Projects identified by the Gloucester Heritage Urban Regeneration Company in the mid-2000s are finally coming to fruition, while the city is managing to attract significant government funding.

The university taking over the former Debenhams as a campus is a masterstroke. It could have been converted for o ce or residential use, but the university will bring young people into the heart of the

The residential market in Reading is being driven by build-to-rent developments providing homes for young professionals. Over 4,500 units are being built in developments of around 200+ units. The buildings have a concierge service and facilities like small cinemas and gyms.

New build-to-rent flats taking shape around the station are a clear response to the demand from young professionals who will be using Crossrail to get to their jobs in London.

The influx of young professionals will support the town's retailers and the nighttime economy too.

Newbury

Increasingly towns need to create an identity for themselves and here Newbury is struggling.

It's been unable to attract government funding because it's doing okay; it's not suffering like many places.

Last summer, with the help of fashion designer turned urban planner Wayne Hemmingway, West Berkshire Council published its town centre masterplan.

The Vision contains some very good ideas but will need private and public funding to bring those ideas – creating zones for leisure, retail, eating and drinking, and entrepreneurship – to fruition.

city increasing retail footfall– and if the right jobs are there, they'll be persuaded to stay.

I think this is where Gloucester could find its new identity – attracting and hanging on to students and graduates in the same way that Bristol did. While Cheltenham's festivals attract a more mature audience, Gloucester can create a younger urban vibe.

It can reinvent itself as the cool capital of the Cotswolds.

One of the most helpful ambitions is the plan to redevelop the outdated, half-empty Kennet Centre. The owners of the centre want to redevelop it, turning an indoor shopping centre into a zone of open streets and spaces called the Eagle Quarter.

This is the first part of the town that visitors by rail see. A food and beverage quarter like the successful Brewery Quarter in Cheltenham would bring visitors into town, and on to the marketplace – the social hub of the town – and the high street and Parkway centre – the retail zone –beyond.