Offices & Labs Databook Norfolk & Suffolk - July 2024

Office take-up in Norwich in the first half of 2024 was in line with the long-term average. While financial and business services companies were relatively quiet, the gap was filled by occupiers in education, healthcare and off-shore wind. The limited amount of Grade A space and lack of new development is putting upward pressure on prime rents and we expect them to increase by 5% p.a. between mid-2024 and end-2029.  Prime office yields in Norwich at 11% provide an attractive entry point for investors looking to deploy capital.