Located in the heart of the Thames Valley, Bracknell, once overshadowed by neighbouring power houses such as Reading, Maidenhead and Slough, is becoming increasingly popular with occupiers looking for high-quality office space in a well-connected location at a reasonable price. Recently the town has welcomed the likes of Honda, Vodafone, Hitachi, Mitie and Tower Leasing, and the list is likely to keep on growing.
In the past, the missing ingredient for Bracknell’s ultimate success has always been the lack of amenity on offer. However, improvements are currently underway. Schemes such as The Lexicon will provide 580,000 sq ft of new shopping, dining and leisure space, while Bracknell’s new Pocket Park will bring greenery and landscaping to the area immediately outside the station.
The extensive redevelopment of the town centre is likely to have a significant impact on demand for office space and as a result the rents achieved. For this reason, savvy occupiers have started to seriously consider Bracknell, looking to take advantage while costs are still low. Examples include Tower Leasing and HiFX moving to the town from Windsor and Honda moving from Slough, taking 70,000 sq ft in Reflex, Coin Road.
Quoting rents for Grade A space in the town currently stand at £24.50 per sq ft, 38 per cent lower than its neighbours such as Reading, Maidenhead and Windsor, and 27 per cent below Slough. To put it in perspective: Greenwood (pictured above), a 70,000 sq ft, newly refurbished Bracknell office building, developed by Savills IM and Canmoor, is up to 91 per cent cheaper (if you include rents, rates, service charge and occupational densities) than a typical office building in a neighbouring town.
The market view suggests that rents are likely to rise by as much as 10 per cent over the next 24 months, bringing them in line with nearby towns, with newer schemes set to quote as much as £27.50 per sq ft. With this in mind, there has been a noticeable increase in migration from surrounding towns as occupiers look to benefit while prices remain competitive.
Ultimately, now is the time for occupiers to move to Bracknell and take advantage of this up-and-coming office market.