Activity in and around the Norwich market remains restricted by supply, leaving take-up at trend levels. This belies the scale of underling demand which now stands at a three year high, with availability below 5%.
The speculative big box development at Bury St Edmunds has seen the first unit let, but the remaining units are insufficient to satisfy latent demand. The dearth of supply will drive robust rental growth over the coming year, with an average of 4.1% pa forecast between 2020-24.
The growing presence of knowledge intensive businesses in the area are contributing to the demand for space and pressure on rents. The new Lotus Evija electric hypercar will be manufactured at the company’s Hethel site south east of Norwich, while UEA is establishing an Institute of Productivity as a regional hub for engineering, technology and management.
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