A £1m office block in Reading – then and now

Looking through the Campbell Gordon archives an article from 1980 excitedly announces the arrival of a new £1million office block. The artists impression shows what now appears to be a pretty dated looking, uninspiring building but one that was cutting edge at the time. The question it posed, seeing it through modern eyes, is what would £1million get you now versus then and how would it differ? If the number doesn’t change what it buys—and what an office is expected to deliver—has moved on dramatically.  In 2025, the same words are more likely to describe a budget line, not a building—typically enough for a reasonable quality fit-out or a slice of a refurbishment.

However if we do compare like with like, £1 million in 1980 equates to about £5.48 million today. Put that modern budget against a sensible regional build allowance—around £223 sq ft² for a mid-spec new-build (shell + CAT A)—and then allow for a design reality: 1980 buildings typically delivered more net internal area for the money because services and compliance were simpler. If you assume roughly 20% more NIA in 1980 for the same spend, a picture emerges. A 1980 “simpler-spec” scheme might yield around 29,500 ft², whereas a 2025 mid-spec equivalent delivers about 24,600 ft²). Yesterday’s building was bigger; today’s is smarter.

What changed? In short, everything inside the walls. We have moved from basic HVAC, cellular layouts and modest controls to smart BMS, high-performance ventilation with heat recovery, raised floors, EV charging, PV/ASHP plant, and well-being amenities. Floorplates are tuned for light and collaboration, not just desks. Compliance and ESG targets—EPC B, BREEAM, WELL—now shape design, finance and value. Those layers add cost but reduce operational energy, improve the user experience and, crucially, support stronger rents and liquidity.

What should owners and occupiers in Reading take from this? First, area isn’t always value. A “smaller” modern building often outperforms larger, dated stock because it solves for comfort, carbon and flexibility—the things occupiers actually choose. Second, deep refurbishment can hit the sweet spot on cost, carbon and programme, especially when it upgrades fabric, services and amenity to contemporary expectations.

Reading’s market reflects a structural flight to quality. ESG-aligned, amenity-rich space leases faster and holds value; tired stock drifts without decisive capex. The winners will be those who invest in performance, not just square feet.

If you’d like hear more, do get in touch.