Norwich Databook Industrial - Summer 2023

The industrial market in Norfolk and Suffolk market was relatively quiet in the first half of 2023. Although the low level of take-up in part reflected uncertainty about the economy, the other inhibiting factor was the lack of suitable space. While some new space has been delivered, it is almost all pre-let and availability fell to 2.9% by mid-2023. The shortage of space drove up prime industrial rents in Norwich to £12 per sq ft by mid-year, an increase of 25% since the end of 2022.