Reading Ready for Office Space Recovery?
Commercial office space in Reading is finally on the up according to The Thames Valley Office Market Report from Lambert Smith Hampton, with its transportation network, skilled workforce and convenient location identified as key to the Berkshire townΓÇÖs position.
Described as having remained ΓÇ£resilientΓÇ¥ compared to the office markets of nearby Bracknell and Slough, a representative of the property firm explained that the stability recorded in prime town centre rents is expected to turn to an increase by the close of 2010.
While the take-up and enquiry levels for office space in Reading town centre was said to be slow during the early stages of 2010, the arrival of several large deals are expected to provide a boost to activity within the commercial office market. These deals include the arrival of pharmaceuticals giant Quintiles who are due to complete on 120,000 sq. ft. of grade A office space in the Green Park area of the town.
Unlike the commercial office market, the demand for serviced office space within the Reading area appears to have seen more positive movement since the beginning of 2010.
According to data from officebroker.com, the UKΓÇÖs largest broker of serviced office space, the internet based service has recorded a 58% increase in the number of individual businesses choosing to enter serviced offices since the beginning of 2010. In addition the firm has also experienced a 35% increase in the number of enquiries received for serviced office space with the Reading area.
The rising number of businesses opting for this convenient, cost effective and increasingly appealing workspace solution underlines the changing way in which businesses are choosing to approach their office space requirements.
Whether it the influence of technology on our traditional workspace requirements, or a change in practice brought about by the lasting lessons of recession, serviced office space seems to continue in attracting an increasing number of businesses to its ranks, evidence for which can yet again be found in research from officebroker.com.