Marked changes to the office sector are well documented, brought about firstly by Brexit where sub prime rents began to dip, secondly and more deeply by the Covid Pandemic which generated a “go to technology” drive, accelerating the use of online retail, just in time / next day delivery, also accelerating the decline of traditional office use. Shortly after the pandemic a marked effect on affordability, economic growth and cost of living inflation occurred further impacted by the 2022 Russian invasion of Ukraine, economic sanctions, United States 2025 Tariffs, the tightening of UK administrative measures and Government pressure on businesses, for example National Insurance in 2025 and moving into 2026, business rates.

This resulted in a number of trends, across various sectors although in particular in the office market towards the convenience of town centres and the rise of “Working from Home”. This has contributed to the difficulty of secondary / tertiary office locations in a market of oversupplied stock despite the best efforts of office marketing agents and substantial investment by landlords across the market to create lettable premises.

Consequently occupier demand is focused on town centres with diverse worker amenities and transport infrastructure, more relevant since the advent of The Elizabeth Line in 2023 resulting in a polarisation primarily to Reading, as the Thames Valley’s central office hub, also core locations along the train route into London (Maidenhead / Slough / Windsor) with a notable migration to Central London.

At building specification level the market focus is on high quality offices with high ESG credentials, with 75% of take up being the best quality space with occupiers prepared to pay premium rents for offices which make themselves “worth the commute”, as far as staff retention and attraction is concerned.

So for example Zebra Technologies are said to be moving from a secondary Bourne End location to take circa 30,000 sq.ft of offices at Tempo opposite Maidenhead Station. The move involves creating modern adaptable space with client experience centres reflecting visibility and efficiency. The prime headline office rent of £50 per sq.ft. demonstrates the commitment of corporate investment for limited amounts of super prime Thames Valley office availability, which is being pre-let. In the past week four proposals to  prospective tenants have been issued by agent Lambert Smith Hampton for The Place Maidenhead town centre, citing a quality refurbishment, terrace, town centre amenities and station proximity as key reasons for the demand.

Similarly in Reading at Station Hill, PepsiCo have moved its UK HQ from the out of town Green Park, taking 38,000 sq.ft. of town centre space instead. The company’s current 10-year lease at Green Park expiry prompted the move to a more central, modern, and sustainably designed office space opposite Reading train station. The development has a wide range of facilities associated with best in class locationally and specification wise together with an “A” EPC rating – PwC have also taken 41,594 sq.ft. at Station Hill too and Centrica have vacated their 121,000 sq.ft office Maidenhead Road Windsor (out of town space) in favour of One Station Hill Reading too.

Regional out of town business parks, Green Park being a prime example, provide wrap around services (barbering, car valeting, fitness clubs, seasonal events) as part of a health and well-being draw, with monthly newsletters and a park lifestyle manager. This is intended to supplement town centre amenities / retain existing and attract new occupiers. Even though next to the M4, the Green Park office availability schedule presently shows a broad variety of vacant space. This indicates even best in out of town business sector provision might struggle to compete with prime centrally located high quality space.

A prime reason the occupier is rightly “fussy” about space type and location is anxiety about staff retention, moving homeworking beyond the current typical 66% working week in office attendance and rightsizing the amount of space needed, generally reducing the amount of space occupied. Also, the cost of a move is capital intensive. A tenant fit out to include furniture varies between circa £60 and £100 per sq.ft. plus the legacy cost of the building being moved from, dilapidations for example, typically another £30 to £50 per sq.ft. A move from say 45,000 sq.ft to 25,000 sq.ft. would cost, as a general guide circa £3 million. So “Savvy” property funds and developers are ahead of the market in terms of deliverability of limited super prime stock.

Timescales are not fast. Boardroom level decisions and much strategising takes place through the relocation process. Positioning the corporate entity’s core values, future proofing the style of space, departmental interaction, cost analysis, detailed advice of the lease exit, lease liabilities and a general stay versus go phase whilst normalising a project. Typically, a move takes 2 years ahead of a critical lease date

As a surveyor and agent representative of many offices there are of course other sub sectors of use to be considered, these would primarily fit into the serviced office micro business / space market. Typical examples include the Regus International Workgroup style of product (fully fitted cellularised space). Most buildings of this type are less than 25,000 sq.ft. Christopher Thomas  are appointed as agents for a well-located town centre 12,000 sq.ft. Windsor serviced office, Parkside, which has filled up well to over 70% occupancy, with a few suites available. The sums for return on  investment tend to work at 80% to 85% plus occupancy. Consequently lesser located countryside serviced office buildings, although attractive, have been turned from offices to residential use already in The Royal Borough. For example New Lodge Winkfield circa 30,000 sq.ft. and Orchard Lea, Drift Road Winkfield, formerly circa 25,000 sq.ft of offices, being amongst the first of out-of-town conversions to take place approximately 10 years ago.

More remote office schemes and business space closer to the Marlow / High Wycombe dual carriage way access from the M4 to the M40 are seeking alternative use, for logistics parks instead, for example Maidenhead Office Park where the owners seek demolition of the existing buildings and redevelopment of the site for employment buildings within Use Classes E(G), B2 and B8, surface car parking/service areas, landscaping and associated works pending decision, Application 25/01409/FULL. Note also the recent consent at the former Dell office site Cain Road Bracknell where consent to replace this with logistics /warehousing has recently been granted to Jansons Property.

In summary, business users have become noticeably town centre centric, to attract and retain staff, whilst seeking to move above the current 66% weekly in office attendance figure, to drive productivity.

Christopher Thomas are expert across all commercial property sectors, excellent at strategising outcomes for clients using decades of actual intelligence market experience. We save costs and leverage sales and lettings either side of the landlord and tenant market. Christopher is also an Expert Witness surveyor, acting for / resolving disputes in connection with rent reviews, lease renewals, break clauses and dilapidation settlements.

• Photograph – 60,000 sq.ft. office sold for client G4S, just prior to the first lockdown.