Date Posted: Dec 17, 2008
Colliers International has just released their December commercial property Research Report for New Zealand and according to Alan McMahon, Director of research and consulting at Colliers International, confidence in all sectors is at its lowest level since the surveys began in 2006.
It is our twelfth quarterly survey covering Auckland, and for the first time the survey has been extended to include Wellington and Christchurch. The survey asks investors and other market participants whether they think, from the point of view of property investors, that market conditions will improve in the next twelve months in the three main sectors – office, industrial and retail.
In Auckland, office investors have been most confident for the last two years, but now there is more confidence in the industrial market. Retail investors remain the least confident, with an overwhelming 76.3% pessimistic. Property tends to be a lag economic indicator but within the sector industrial property is usually the first to go down and the first to recover. Given the state of retail sales, especially those categories connected to the household sector such as appliances and furniture, it’s not surprising that retail property investors are pessimistic about the year ahead.
Click here to read the full report in PDF format.
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National Director - Research and Consulting Auckland Office DDI: +64 (9) 356-8811 Fax: +64 (9) 358-1999 Email: alan.mcmahon@colliers.com
Valuer Auckland Office DDI: +64 (9) 356-8975 Fax: +64 (9) 358-1999 Email: Darren.Park@colliers.com
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