The supply of industrial and distribution warehousing space in the greater Reading area is at its lowest level since 2015 and is hampering business growth and forcing occupiers to look elsewhere, according to a new report by Haslams Surveyors.
The report, which covers the greater Reading conurbation encompassing Reading Borough Council and large parts of Wokingham District Council and West Berkshire Council, found there are currently just 40 units available, totalling 540,000 sq ft.
There is also limited new stock available, with a potential ‘planning ready’ development pipeline of just 350,000 sq ft in the next 18 months.
Haslams said a combination of higher build costs, planning difficulties and a troubled geopolitical and financial background, deterred many developers and investors in the last 12 months.
Neil Seager, managing partner of Haslams, said: “The region faces a challenging situation. With a lack of choice in terms of location, size and price, businesses are naturally casting their net much wider when they look to expand.”
