Judging from the 2011 outcome, the Reading market has turned the corner after years of stagnation. After a poor first quarter, the pace quickened to the end of the year when the total reached 30,404 sq.metres said Stephen Head of Hicks Baker. The total included a number of substantial deals, notably Quintiles taking 11,273 sq.metres at 500 Brook Drive, Green Park. Head said: “There was a late flurry of activity with a number of deals that were expected to fall into 2011 completing over the Christmas period and one surprising deal (in the sense that, whilst a known requirement, Pegasystems did not move to the expected building).” He added that “this has to be seen as very positive on two counts as the £322.80 a sq.metre headline rent has been achieved in the town centre and in the immediate future it also takes more Grade A competition out of the supply/demand equation which, from a landlord’s perspective, will put additional pressure on rents.” The central point about the 2010 outcome is that it was up 151% on the previous year and above the 10 year average for the first time since 2007. It will not be too long before there is a squeeze on Grade A offices. 
Welcome to the news blog of the Commercial Property Register. The Commercial Property Register website is the essential guide to business property to buy and for rent in the UK. Our website lists some 6,000 available business properties for sale and to let in the UK concentrating on the following areas - London, Scotland, Manchester & the North West, Leeds & Yorkshire, Birmingham & Midlands, Bristol & The South West, The South Coast and the South East.
Tuesday, 1 February 2011
Pace quickens
Judging from the 2011 outcome, the Reading market has turned the corner after years of stagnation. After a poor first quarter, the pace quickened to the end of the year when the total reached 30,404 sq.metres said Stephen Head of Hicks Baker. The total included a number of substantial deals, notably Quintiles taking 11,273 sq.metres at 500 Brook Drive, Green Park. Head said: “There was a late flurry of activity with a number of deals that were expected to fall into 2011 completing over the Christmas period and one surprising deal (in the sense that, whilst a known requirement, Pegasystems did not move to the expected building).” He added that “this has to be seen as very positive on two counts as the £322.80 a sq.metre headline rent has been achieved in the town centre and in the immediate future it also takes more Grade A competition out of the supply/demand equation which, from a landlord’s perspective, will put additional pressure on rents.” The central point about the 2010 outcome is that it was up 151% on the previous year and above the 10 year average for the first time since 2007. It will not be too long before there is a squeeze on Grade A offices. 
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment