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The Thames Valley has welcomed a new crown in the jewel of its prestigious office market, with McKay Securities announcing that it has recently completed the refurbishment of 9 Greyfriars Road, which has been awarded the BREEAM ‘Outstanding’ award. An extremely rare accolade, this is the first development outside of London to receive the rating from the sustainability body. The building, priced at £34.50 per sq ft, is located in Reading and boasts an EPC A rating, making it the most sustainable building available in the South East market.
The South East market performed strongly in Q1 2016, and is expected to be able to withstand any fallout post Brexit, with occupier demand holding firm against a falling level of stock. Of course, this means that rents are continuing to increase, as seen with the new development on Greyfriars Road.
Eugene O’Sullivan, Director at tenant acquisition specialist Morgan Pryce, believes the Thames Valley market is perfectly placed to pick up the pieces from any disturbance caused by Brexit: “Companies may be looking to consolidate and relocate in the wake of Brexit. As such, the Thames Valley market is well placed; it is within reasonable distance of the capital via train or car, and is well-priced compared to some options in London. We are increasingly seeing companies considering relocation, especially as London rents continue to be astronomical compared with alternative locations such as the Thames Valley and South East markets, which may be compounded post Brexit.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.