Over 650,000 sq ft of Grade ‘A’ office investment is currently being delivered within 500 metres of Reading station, following Network Rail’s £900 million investment in the station.
The ‘station effect’ and improving economic climate has generated increasing confidence in the Reading office market with developers and investors moving fast to create high-quality office space within a short walking distance of the rail gateway to London and Europe.
Reading is improving its offer to major national and international businesses with over 2 million sq ft in total of new premium office space coming on stream as a result of current investment, recently completed refurbishments and scheduled developments.
Nigel Horton-Baker, Executive Director, Reading UK CIC, said: “The area around Reading station is being transformed as investors respond to the demand for high-quality offices in Reading linked to excellent rail connections to London and international markets.
“Reading town centre is competing strongly to attract inward investment. The existing excellent office accommodation such as The Blade and One Reading Central has brought many major international companies to Reading. With this current 1 million sq ft investment and ambitious plans for Station Hill and Thames Tower, Reading is now strengthening its reputation as the key regional business hub, offering both first-class town centre and business park locations.”
One Valpy Valpy Street 53,000 sq ft
Aquis House Blagrave Street 37,000 sq ft
Forbury Place Forbury Road 372,000 sq ft
Kings House Kings Road 80,000 sq ft
R+ Forbury Street 103,000 sq ft
TOTAL – 645,000 sq ft
Phoenix House Station Hill 51,000 sq ft
Abbey Gardens South King’s Road 77,000 sq ft
Apex Plaza (refurb) Forbury Road 205,000 sq ft
Reading Bridge Reading Bridge 116, 000 sq ft
TOTAL – 449,000 sq ft
Thames Tower Station Hill/Station Road 183,000 sq ft
Station Hill Station Hill 900,000 sq ft
TOTAL - 1,083,000 sq ft
OVERALL TOTAL – 2,177,000
Nick Coote, Head of Reading Office, Lambert Smith Hampton, commenting on the figures, said: “Reading has the capability to deliver the urban environment needed to retain, attract and accommodate the creative talent sought by occupiers, rather than seeing it migrate to London. The rail infrastructure investment, in Reading and the Thames Valley, will bring new perspectives as journey times to London and Heathrow are slashed.
“Office occupational costs in West London are 60% higher than Reading at the moment so that gap, and the reducing travel times, will stimulate a lot more interest in Reading and particularly its town centre from occupiers. Investors and developers are already positioning themselves for this changing positive dynamic.”
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