Reading Office Market
17 May 2023
There is a clear disparity within the occupier demand profile which can be distinguished into two camps. Firstly, occupiers committed to the best-in-class space and happy to pay a rental-premiums, and secondly, those seeking cost effective, flexible office space within secondary tier stock.
Rent-free periods have seen record highs during the pandemic, particularly in the town centre, but this has begun to correct itself with a return to more standardised rental incentives. Buildings that are pushing the boundaries on both specification and ESG credentials are seeking rental tones eclipsing the £40.00 psf benchmark, both in and out of town.
Investor appetite for development & refurbishment continues to be strong. Phase 1 of the mixed-use Station Hill development has begun, alongside enhancement alongside the upgrade of the cladding at Legal & General’s Apex. Two schemes that are at Reading's core to continued success. Additionally, an exciting new campus development, ‘Here + Now’ will achieve new benchmarks in the Thames Valley, the first to target BREEAM Outstanding, Fitwell 3* and RESET Air certifications.
