Reading: A Look at the real performance

The Reading office market is sending a very clear message right now: it is expanding, strengthening, and outpacing expectations.

The simplest and most transparent measure of market health is take-up — the actual amount of office space transacted. On deals over 2,000 sq.ft, Reading recorded 478,000 sq ft of take-up in 2024. This compares to a long-term average of 328,000 sq ft and 390,000 sq.ft in 2023. In other words, activity in 2024 didn’t just recover — it surged.

The momentum has carried into 2025. So far this year, 450,000 sq ft has already been transacted with at least 100,000 sq ft currently under offer according to our Campbell Gordon market tracker, that total stands to be boosted further by the end of the year. That would mark two consecutive years of volumes far ahead of the long-term trend.

Market strength is broad, not isolated

It’s important not to confuse the market with a handful of high-profile transactions or buildings. The Reading office market is not defined by one or two headline schemes. Instead, it is the collective breadth of deals across the town that demonstrates its underlying strength. The experience here is one of sustained and widespread demand.

Prime rents rising rapidly

This expansion in take-up has been mirrored by a striking rise in achieved rents. Just one year ago, prime headline rents stood at £40 per sq.ft. Today, they have reached £53.50 per sq.ft. That is an exceptional rate of rental growth, underpinned by demand and reflective of Reading’s rising status as one of the UK’s most compelling business locations outside of London.

Why Reading continues to attract business?

Reading’s fundamentals remain its strongest asset. The town’s highly educated workforce, strong corporate base, and international reputation are drawing occupiers who want to be in a place that drives commercial performance. Infrastructure projects such as the Elizabeth Line and Heathrow’s expansion are welcome additions, but Reading does not rely on them. The town’s appeal is so much deeper-rooted. Businesses want to be in Reading because it offers the right environment for growth.

Looking ahead

The Reading office market will continue to evolve, catching out some observers and developers along the way. But the overall trajectory is unmistakable. At Campbell Gordon, we see an extremely exciting commercial future ahead for Reading, supported by clear evidence of demand, rising rental values, and a deepening pool of occupiers from old and new sectors.

What else can be done?

Reading is a thriving commercial hub, but it has long suffered from a lack of large-scale cultural investment. Much of the existing support has focused on smaller, grassroots initiatives — valuable in themselves, but insufficient to reshape the town’s wider cultural landscape. That could change with the purchase of Reading Prison by the Ziran Education Foundation, a non-profit organisation that acquired the site with plans to transform it into a mixed cultural destination featuring a hotel, museum, art gallery, and community performance spaces. However, the path forward remains uncertain: redevelopment costs will be high, and the proposals must navigate complex planning and heritage constraints. If the project succeeds, it could be the catalyst that finally puts Reading’s cultural identity on a trajectory towards cities such as Bristol and Manchester. In the meantime, continued support for small businesses, independent creatives, festivals, and exhibitions will be essential to building a more dynamic and resilient cultural centre.

Conclusion

The Reading market today is bigger, stronger, and more attractive than it has been for many years. The data is unambiguous, the occupier sentiment is positive, and the momentum is strong. For businesses looking for a strategic location and investors seeking growth, Reading continues to strengthen its position as a core business location in the UK.