LSH completes 22,500 sq. ft Reading deal

Lambert Smith Hampton (LSH) has completed a new lease on 22,500 sq ft for tech company Pegasystems to stay at its 3 Forbury Place offices in Reading.

LSH, which helped Pegasystems move to the building (formerly One Reading Central) from Apex Plaza in 2010, will work with the client on a new fit out.

Nick Coote, senior corporate real estate advisor at LSH, said: “This represents a significant vote of confidence in relation to Reading and the Thames Valley’s appeal as a place for tech companies to locate.

“Many tech companies, who were attracted to London over the last five to 10 years, are now looking at a hub and spoke occupational office profile as London’s sustainability in relation to living costs and more latterly Covid-19, come into sharp focus.

“This is because London offices are Covid-challenged; that is, the need to commute, access issues for floors in high buildings etc. “Instead, locating satellite offices, closer to employees’ homes, is seen as a probable way forward. Office workers are, in future, likely to toggle between London office, satellite regional offices and home.

“The Thames Valley’s Elizabeth Line connectivity to London, the presence of Heathrow, its digital and science workforce profile and a potential 40-50 per cent cost saving, translate to a very powerful case for tech/science businesses re-locating offices to come to the Thames Valley.”