Maidenhead: Record rent achieved for offices as Pearce Building fills

Two further tenants have been secured by TH Real Estate at the Pearce Building in Maidenhead, achieving a record rent for the town as well as one of the highest rents recorded in the Thames Valley.

Tech firm SquaredUp has taken the whole of the fourth floor, totalling 7,343 sq ft at a record rent for Maidenhead of £38 per sq ft.

Trading services company Ocean Partners has taken half of the building’s third floor, which totals 3,668 sq ft, at a rent of £37.75 per sq ft.
The Pearce Building was a speculatively developed 50,000 sq ft Grade A office across eight floors and is now 65% let. Tenants include Blackberry and international law firm McAllister Olivarius. There is now 18,117 sq ft available.

Blackberry leased 16,500 sq ft over the ground, fifth and sixth floors for £37.50 sq ft on a 10-year lease from July of 2016, in what at the time was one of the highest rents seen in the Thames Valley.

While the movement in headline rents is a clear vote of confidence from occupiers in the market, tenants are paying for greater flexibility with a trend also towards shorter lease lengths.

Knight Frank and DTRE represented TH Real Estate.

Robin Hutchison, head of asset management, TH Real Estate said: “We are delighted to have secured two more tenants at the Pearce Building. The building provides the highest quality offices in Maidenhead town centre and continues to prove that occupiers are attracted to the best space. Given continued occupier demand, we have yet again pushed rents on to a record level for the Thames Valley.”