Budget tax worries take toll on commercial property sector
Fears over what the November Budget might bring is taking its toll on the commercial property sector, according to a major survey of agents. Concerns that tax rises, pension reforms and tighter fiscal policy are in the pipeline are delaying investment decisions and dampening market activity says the RICS third quarter UK commercial property monitor. Only 22 per cent of respondents believe that the market is in the early stages of recovery, down markedly from earlier in the year. It says tenant demand has declined nationally, with retail hit hardest whilst industrial property has turned negative for the first time since 2012 outside covid. Vacancies are rising and incentive packages are increasingly generous and secondary office and retail are facing declines in rental and capital values. However, prime office and industrial property is still expected to deliver modest growth. Sam Kingston of Roche Chartered Surveyors in Norwich said: “There has been strong interest in Grade A offices over the last 6 months, which has seen rents move upwards, and with a dwindling supply there should be further rental growth. Secondary offices see a lower tenant demand and accordingly rents remain static. The industrial market is more subdued than over the last 12-24 months, but there is still interest in freeholds, both from owner occupiers and investors.” The survey noted that various ‘alternative’ property sectors stood out as growth markets including data centres, aged care, multi-family rental, student accommodation and life sciences.
Savills has completed the sale of Nelson House in St Neots to Acca Land for £1.6 million, for a private vendor. The refurbished three story office building on a one acre site provides around 13,600 sq ft of space and is due to be converted to a Regus serviced office centre.
Business confidence picks up as firms plan to hire more staff
Business confidence in the East of England picked up in October as firms’ optimism on their own trading prospects improved whilst more firms are planning to hire staff next year, according to a business barometer survey from Lloyds. Overall business confidence in the region rose by eight points during October to 40 per cent as firms also grew more positive on the outlook for the economy. Meanwhile, a net balance of 47pc of businesses in the East expect to increase staff levels over the next year, up 25 points on the previous month. The top targets for growth were new markets, new tech and investing in teams. Kirsty Sadler, regional director for the East of England at Lloyds, said: “It’s encouraging to see that confidence levels amongst the East’s businesses is rising once more, and especially good to see this driven by greater optimism from local firms in their own trading prospects.” Nationally, business confidence climbed eight points in October to 50 pc. Manufacturers were notably more optimistic and retailers were also more positive although service sector confidence dipped.
Separately, confidence among East Anglian mid-sized companies ‘remains resolute’, according to survey of over 500 business leaders from BDO. More than half (56pc) of regional businesses are confident about their growth prospects over the next 12 months, slightly higher than in June. It says many firms in the region are “…seeing out the year on a firm footing after a prolonged period of pressure and uncertainty, positioning 2026 as the year when AI investment comes to the fore.”
Norfolk-based solicitors launches annual law academy with record numbers
Norfolk-based Rogers & Norton Solicitors recently launched its 2025 – 2026 Law Academy, the programme’s fifth year and its largest to date. An opening evening took place at a new venue – Norwich City FC – with a record 40 sixth form students from eight Norfolk schools and colleges taking part. Launched in 2019 with 12 students at the firm’s offices, the Law Academy was created to give young people a hands-on, practical insight into the legal profession that goes beyond a typical week of ad hoc work experience. Louis Hilldrup-Boorman, marketing manager at Rogers & Norton, said: “The Academy is a unique, in-house initiative that offers sixth form students structured work experience across a range of legal disciplines. No other local firm offers a programme like it. The Academy is designed to be inclusive and insightful, giving young people practical exposure to legal careers, regardless of background. It sits at the heart of our business and reflects what we stand for: community-focused, forward-thinking and committed to making a difference.”…Read more here
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Specialist mattress company to open new stores in Thetford and London
A Norfolk-based specialist mattress business, Mattressman, is opening a new store in Thetford and two more in London early next year. The company, founded in North Walsham by Norfolk entrepreneur Andrew Kerry in 2004, is also appointing a new CEO, Mark Wootton, and re-introducing its brand mascot ahead of a Black Friday sale. Thetford is the latest in the firm’s growing network of nine stores. Andrew Kerry said: “Bringing back our mascot and opening the new Thetford store shows how invested we are in our local community. We’re creating jobs here, and we want to continue being the local company people trust – but we also have big ambitions for further national growth and expansion.”
Cambridge company helps link pharma companies with patients
Cambridge company Domino is playing a key role in providing connected pharmaceutical packaging solutions to boost patient-centric care and improve safety. The Bar Hill-based company is helping to link pharma manufacturers, healthcare providers and patients with its smart QR codes which provide access to digital platforms and can deliver up-to-date information in a preferred language in a more accessible way than leaflets. Bart Vansteenkiste, global life sciences sector manager at Domino, said: “Connected packaging represents a significant step towards patient-centric healthcare. As digital tools become more embedded in healthcare, patients are increasingly taking an active role in managing their treatment.”
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