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Reading has once again proved its resilience. Occupiers continue to see the abundance of amenities in the centre and out-of-town business parks, excellent connectivity and higher education providing a wealth of talent. This resilience continues to encourage landlords to invest in their assets and create the highest-quality office space tailored to occupier demand. We are not only talking about refurbishment projects of existing stock but also buildings that have been upgraded – we’re talking building apps that analyse air quality, Dyson hairdryers in changing rooms, and touch-free access systems.
Further positive affirmation of the confidence in the Reading office market arose earlier this year, with Lincoln MGT confirming that it will be speculatively developing the first phase of Station Hill, including 276,000 sq ft of offices.
2020 was a robust year for the out-of-town Reading market, with three-quarters of overall take-up featuring in this sub-market. We have already seen a continuation of this trend, with the Hutchison 3G deal completing in March this year, acquiring one of the two new office developments at Green Park – 117,000 sq ft at 450 Longwater Avenue. The town continues to act as a magnet for tech occupiers, with over 77% of the take-up last year being within the TMT sector.
Market Data
