Norfolk & Suffolk Industrial Databook - March 2025

Strong take up absorbs requirements but drives shortage in Grade A space

2024 take-up in the Norwich industrial market was 49% up on 2023 and well ahead of the 10-year average. Activity slowed in H2 2024, due largely to stock shortages, particularly grade A space. With a number of key requirements having been satisfied, demand dipped back by the year end. However, with a growing representation of companies in the high-tech manufacturing and renewables sectors, combined with a shortage of high-quality space, prime rents are forecast to rise by an average of nearly 4% pa over the next five years.