Norwich saw availability fall to 4.5% during H1 2019; its lowest level since 2007. Take-up remains at trend levels but the shortage of new floorspace coming forward is taking its toll on occupier choice in the city, particularly for Grade A space.
This shortage is restricting activity in the market. The demand for office space rose to its highest level for three years, but given the dearth of development, there will be pressure on rents going into 2020. Secondary rents have risen 7.4% over the past five years.
The longer term picture looks more positive, with Norwich Research Park set to receive £1bn of investment by 2029. This expansion will be essential to capture the economic growth potential of the city. This is underlined by the UK Powerhouse Report which continues to rank Norwich and Ipswich in the Top 10 fastest growing cities in the UK.
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