Thriving against the odds: Ipswich office market shows resilience and signs of growth
In an era marked by economic uncertainties, the enduring effects of a global pandemic, and the evolving nature of work, the Ipswich office market has demonstrated its resilience. At Fenn Wright, we are pleased to share an update underscoring the importance of high-quality office space.
A remarkable achievement
In August, Fenn Wright let 30,000 sq ft office space within 5 transactions, reaffirming demand for space and the robustness of the market, with lettings completed at Crown House, IP-City Centre, Fox’s Marina and Franciscan House.
One of the more notable transactions was the letting of the final remaining floor at Franciscan House, within Ipswich’s prime office district, comprising 7,250 sq ft. of accommodation, let to a global financial services business.
Adapting to new realities
The pandemic prompted an evaluation of office space and how businesses function. The transactions we’ve facilitated recently reflect a nuanced perspective on the subject. Whilst working remotely remains a significant part of modern work culture, businesses are acknowledging the continued relevance of physical office space. The preference for well-designed environments highlights the crucial role that offices play in fostering creativity, innovation, and effective collaboration.
Hamish Stone, Associate Partner at Fenn Wright, comments on the unexpected trend, “While the pandemic undoubtedly shifted paradigms in the business world, it’s important to recognise that the need for physical office space certainly hasn’t disappeared. We’ve noticed a growing preference for flexible leasing terms, with the emphasis on the very best quality accommodation to help with recruitment, retention, productivity and encouraging employees back to the office. These transactions signal a shift in how businesses perceive office spaces, and it’s showing no signs of declining.”
Anticipating future success
The story of resilience in the Ipswich office market doesn’t end here. We are excited to offer a glimpse into the near future, with a significant forthcoming out-of-town letting set to conclude shortly, once again, to a global enterprise.
In conclusion, the local office market stands as a beacon of hope in challenging times. There is still some way to go to get back to the level of lettings seen in previous years but there are clear signs that businesses are adapting and growing and are committed to the town. Fenn Wright is proud to be a part of this journey, supporting businesses as they navigate the ever-evolving business landscape.