Reading’s location and skilled labour force are buoying the local office space market, new data reveals.
According to Lambert Smith’s Thames Valley Office Market Report, signs are evident that the Berkshire town’s office market is on the road to recovery, with a number of factors helping it to escape the worst of the downturn.
These include Reading’s good transport links and the ready availability of a skilled workforce, which have meant that it has withstood the recession better than other towns in the locality.
Nick Coote, head of Lambert Smith Hampton’s office in Castle Street, said: “Year-on-year prime town centre rents in Reading have remained stable, in fact, headline rents are expected to increase in 2010.
“By comparison, nearby Bracknell and Slough experienced significant rental softening, while average UK office rents also declined by 3.6 per cent.”
Conditions in the Berkshire town have been recently buoyed by drugs firm Quintiles agreeing to lease the 120,000 sq ft of office space in Green Park.