Office rents in Reading could reach new records when One Station Hill is complete, according to the latest market update by Rare Commercial Property.
The property consultant has published its latest Seat Survey for the Thames Valley along with a market commentary in which it speculates that rents in the new Lincoln MGT development could go as high as £50 per sq ft.
The report states: “The constricted supply has been good news for office rents which far from falling due to the lower levels of demand seen since 2020 due to the pandemic, have surged reaching new record levels in towns including Windsor and Guildford and which now stand at £45 per sq ft and £37.50 per sq ft respectively.
“Reading, also widely tipped to receive city status later this year, is now expecting its latest and finest scheme to break new records with the unofficial quoting rent at Station Hill expected to be between £45 per sq ft and possibly £50 per sq ft by the time the first building completes in 2024.”
Rare says Grade A accommodation may require clearer definition due to the raising of standards, with One Station Hill the likely standout scheme.
Rare remains upbeat about post-Brexit UK despite the war in Ukraine which it says thwarted an anticipated strong start to 2022.
The report and the full Seat Survey graphic, which illustrates the cost per workstation at all key Thames Valley centres, is available at https://rarecommercialproperty.co.uk/blog/post.php?s=2022-03-22-rare-seat-survey-q1-2022
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