1 minute to read
A Look Back
The town centre has undergone a substantial transformation over the last five years, with the Lexicon continuing to provide variety and improved shopping experiences for residents. While this has delivered much-needed amenities for the town, there remains an opportunity to create the next wave of new workspaces.
Arlington Square has maintained its position as the premium office development in Bracknell and secured various lettings, including Ihasco and Netscout, in 2022. There have already been two lettings this year, with GE and Tiro taking space in 3 Arlington Square.
In 2022, take-up equated to 39,859 sq ft, which aligns with the average take-up since COVID. However, it falls short of the take-up levels in 2017 and 2018, which exceeded 150,000 sq ft.
A Look Forward
Although various enhancements to the Lexicon have been delayed, including the Deck, which is now expected to complete in 2024, the town centre will continue to lure in new and emerging F&B providers to improve the sense of place.
Kennedy Wilson is to reposition the Capitol Building to enhance the on-site facilities and create exciting workspaces to take the building to the next level. The works are expected to be completed by the end of 2023, bringing 15,000 sq ft of new Grade A space to the market.
We anticipate a transition towards upgrading the office stock in the coming years with the continued erosion of secondary offices to residential and further refurbishment projects to enhance existing offices to align with occupier trends. Bracknell has a history of office-to-residential conversions, with many secondary office buildings sold for permitted development rights. Supply in Bracknell went from over 1.1m sq ft in 2012 to 340,000 sq ft in less than five years through stock erosion to residential.