• Occupier demand has fluctuated in recent years with 2017 being a subdued year for take-up with just over 50,000 sq ft recorded. There has been healthier occupier demand in 2018 with over 50,000 sq ft transacted by H1 2018. The largest deal in 2018 was Pound Gates leasing 10,588 sq ft at Hyde Park House.

• Supply is falling in the market with permitted development rights continuing to erode office stock levels. Current supply stands at just over 325,000 sq ft which represents a decrease of 29% from 2014 highlighting the continuing supply constraints that persist in the market.

• Two speculative developments have commenced since 2016 these are Connexions and The Maltings which comprise 33,900 sq ft and 23,100 sq ft, respectively. These are the two first speculative schemes in the market for over two decades highlighting Ipswich’s importance as a growing regional centre and confidence of developers.

• A new record rent of £18 per sq ft was set following Birkett’s 40,000 sq ft pre-let for their new headquarters. The previous lack of available grade A space has restricted rental growth in the market. We envisage prime rents rising slightly to £18.50 per sq ft although there is a lack of grade A space available in the town.

• There is an opportunity for developers to refurbish existing stock and take advantage of the current supply constraints and occupier demand present in the market.

• Much of the current availability in Ipswich is poorly configured or large open plan accommodation. The majority of demand recently has derived from smaller local occupiers in the sub 5,000 sq ft category.

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