Offices & Labs Databook Norfolk & Suffolk - Summer 2023

Positive outlook for prime office rents

Although office take-up in Norwich fell in the first half of 2023, requirements were stable and there is still a healthy balance between demand and supply. We expect prime office rents in Norwich to increase over the next five years, as occupiers upgrade and leave older buildings with poor energy efficiency.

We think that concerns about hybrid working mean that investors have become too pessimistic about the prospects for prime office rents in Norwich and that prime yields of 9.5% are starting to look attractive.