As the commercial property sector emerges from the economic downturn, transactions in Reading’s office market are painting a positive picture
Since January, we have completed three office acquisitions to support the expansion and relocation of some of Reading’s occupiers.
Trio of office acquisitions
Mott MacDonald, a global management, engineering and development consultancy, made the move to 4,503 sq ft in Sovereign House, followed by Grant Thornton taking 2,975 sq ft on the first floor of Pinnacle. Office space was also acquired for training firm, QA, which moved to 3,868 sq ft at unit 4, Napier Court.
Economy prompts upgrade of office space
Tom Fletcher, Associate Director in our Reading office, commented: “All three of these occupiers were able to take advantage of the challenging economy to trade-up on their office premises. Our advice and knowledge of the local market helped to facilitate moves from 1980s, poor quality office buildings into more modern, quality accommodation, while still securing highly competitive rents and incentive packages.”
Number of office acquisitions in hand
Our Reading team currently has a further three acquisitions under offer, on behalf of Scottish & Southern Energy, Merced Systems and Austin Fraser. Tom added: “Collectively, these three transactions will total 20,000 sq ft – a further boost of activity that demonstrates increased demand for quality office space in the town centre.”