Why Watford is the UK’s best town for business
We’re all familiar now with apps that track our health and wellbeing, but can you do the same for a town?
That’s what property consultancy Lambert Smith Hampton has set out to do with its UK Vitality Index – an annual health assessment of the UK’s largest towns and cities outside London.
The index functions as an objective health check on the UK’s largest 100 towns and cities outside of London based on a range of indicators including economy, health and environment. Each location was ranked on three pillars: Economy & Business; Living; and Health & Environment. And which town topped the table? Watford.
UK’S BEST TOWN FOR BUSINESS AND ECONOMY
The Hertfordshire town climbed from third position last year to knock Bath off top spot. Having debuted in the Top Ten in 2022, Watford’s steady climb reflects a transformation in its relative standing among the UK’s largest town centres.
Watford’s winning overall position is driven by its top ranked performance in the Economy & Business pillar, ahead of Manchester. This measures a range of categories including wage growth, workforce jobs growth in specific sectors, new enterprises and business density, Gross Value Added (GVA) per capita, GVA growth and forecast, and commercial property investment volume per capita. Watford received top scores in four of the pillar’s seven metrics.
The town also performed well in other areas, securing tenth and eleventh position in the Health & Environment and Living pillars respectively.
According to the index, Watford is thriving. That will come as no surprise to the many businesses that have already made the town home: Ralph Lauren, Asos, TK Maxx, Hilton Worldwide, Nissan, KPMG, PWC to name just a few.
BEST-IN-CLASS WORKSPACE FOR BEST-IN-CLASS BUSINESSES
Now with Regal’s The Clarendon Works office project reaching completion, businesses in Watford have a sustainable destination workspace that will help them thrive. That’s why The Clarendon Works has been in such demand, with close to 80% of the office’s 140,000 sq ft let prior to completion.
Most recently, National Lottery operator Allwyn agreed to take 63,527 sq ft in the building – equivalent to 45% of the entire floorspace – and will join other dynamic businesses including global tech brand Seiko Epson and YoooServ, the premium flexible offices provider.
As Allwyn CEO, Andria Vidler, says, The Clarendon Works provided Allwyn with a “more modern, sustainable head office fit for our future plans”, helping the business deliver on its net zero vision.
But The Clarendon Works is not attracting tenants just because it is a best-in-class sustainable workplace – the kind of modern office you would expect to find in central London.
That is vital, of course.
But it’s also precisely because The Clarendon Works is at the heart of Watford – a town that is increasingly attractive to business – and as the Vitality Index shows, is in rude health.
The Hertfordshire town climbed from third position last year to knock Bath off top spot. Having debuted in the Top Ten in 2022, Watford’s steady climb reflects a transformation in its relative standing among the UK’s largest town centres.
