View from the riverbank: Is office space servicing Reading?

Castleforge Partners’ application for a major redevelopment of Soane Point, Reading, could bring thousands more square feet of serviced offices to town.

A crude Google search quickly identifies a plethora of serviced office options for potential occupiers in central Reading on top of space available in the business parks located at the M4 junctions.

It begs the question, does Reading have an oversupply of serviced offices space? And if so, why has this respected developer pressed the green light to develop Soane Point when Reading already has so many options?

Pre-Covid-19 one could argue that there was already too much serviced space available on the market. When one combines the extra availability of grey space (on the market as a sub-let to the head lease) or zombie space (let but will never occupied) which is also hitting the market, Reading could be heading for a problem.

But, as we enter the brave new post-lockdown world as the effects of Covid-19 subside, London occupiers will be starting to review their real estate strategies. And places like Reading could be in a prime location to benefit. The so-called hub and spoke approach could also bring new tenants into Reading.

Along with market rumours about a possible major letting in Reading, maybe we are seeing evidence that the flexibility and location of the town is becoming more more important than ever.

And perhaps every cloud – even those of Covid-19 – could have a silver lining.

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