Pexip moves into refurbished Earley East

November 2020 - Thames Tap

Video conferencing business Pexip has become the first occupier of refurbished Earley East building at Thames Valley Park.

The firm, which listed on the Oslo stock exchange in what is the biggest ever Scandinavian software IPO, has taken 15,000 sq ft at the building.

DTRE & CBRE advised landlord Spear Street Capital while Campbell Gordon advised Pexip.

Campbell Gordon director Duncan Campbell told Thames Tap: “This is an important moment of evolution for Pexip as this deal represents significant expansion and enhancement for the business. “It is really exciting for the next generation of tech businesses like Pexip to be growing and developing here in the Thames Valley.

“The transaction itself is also very important in a deal-starved market. Office take up across the Greater Reading market is set to be around a quarter of the normal average level by the time we get to Christmas.

“The town centre market has had an even worse period, without a single letting over 5,000 sq ft to date.

“However, these statistics disguise a much more positive reality – occupiers want to get on with their lives.

“They want to return to normality, including getting their staff back in the office. We have occupier clients who want to move, grow and improve their space, but not right at this moment when so much is uncertain.

“This is why we believe, when the pandemic is in retreat, there will be a wave of activity. It will not all be one-way traffic as there will be some downsizing too, but it will represent a very significant change from the truly exceptional period we are in at the moment.”