Bidwells offices & labs data book Norfolk & Suffolk
Availability in the Norwich office market fell again last year and prime rents rose. We believe that prime yields at 10.5% provide an attractive entry point for investors looking to deploy capital.
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.
