Prior to the pandemic, the Norwich office market was struggling with space shortages and, while the crisis has suspended some requirements, the city’s availability rate currently stands close to a 15 year low.
This presents a particular challenge for businesses seeking larger floorplates. There is just 34,000 sq ft of Grade A space on the market, but this supply is dominated by small suites.
While the COVID-19 crisis is likely to temper demand in the short term, business space shortages need to be addressed. Sustaining the expansion in the Norfolk and Suffolk’s R&D and tech business base, which has been seen over recent years, will be hampered longer term without appropriate development.
Download our research paper to find out more.
£17.25psf
prime rents stable in Norwich
despite the slow market
4.7%
availability rate in Norwich
remains close to 15 year low
Subscribe to Bidwells' market reports here.
