Where the brave ones lead…

Are you bold enough?

Reading needs bold landlords who will invest in Prime office stock. The demand is there but the stock isn’t and where the brave ones lead others will follow. The important factors to understand are where and what. Read on to find out the CG opinion.

The market has become far more selective over the last few years. “Town centre” on its own is no longer enough to justify a prime office strategy. In Reading, prime office demand is increasingly concentrating around the area surrounding Reading Station. The Elizabeth Line and direct access into London continue to make the station area the strongest commercial location in the town. Connectivity is important but not the only aspect defining prime.

What also matters is whether a location can offer the mix of amenity, residential density and public realm that modern occupiers want around them. Businesses are looking at the wider experience for staff — where people can live, meet, eat, exercise and spend time before and after work.

That is why developments such as Station Hill are so important. The scheme is not just delivering new office space it is also changing the character of this part of the town centre altogether. Station Hill meets the requirement of offices, residential development, retail, leisure, and public space creating an environment that feels much closer to the type of mixed-use destination occupiers are increasingly drawn towards.

For investors identifying which parts of the town centre have the fundamentals to become prime over the next few years is key. In practical terms, that is likely to mean locations within a walkable radius of the station. In the right part of Reading town centre, redevelopment has the potential to create entirely new prime office environments as placemaking and mixed-use development continue to reshape the market. In weaker locations, however, even well-executed prime targeted refurbishments may struggle to compete if the surrounding environment feels secondary.

Campbell Gordon can help investors identify where the opportunities are to be found and how best to implement them. We have detailed knowledge of the Reading market and a sharp eye as to where and how to maximise investments. Get in touch to hear more about how we can guide your decision making.