Colliers International has just released their June commercial property Research Report of New Zealand.
CBD retail vacancy has gone up, CBD office vacancy has gone up, and market rental and capital values have fallen away across the three main centres so far this year.
Queen Street and Lambton Quay’s pre-eminence in their respective retail hierarchies has protected them from the general vacancy increases we have measured in our latest retail survey. While Auckland CBD vacancy overall rose from 3.3% to 4.5%, empty shops in the prime part of Queen Street rose less, now at 3.8%, with most of that vacancy in shops with no direct Queen Street frontage.
The key central streets in Auckland and Wellington benefit considerably from the CBD workforce. In Wellington CBD there are 80,000 with around 70,000 in Auckland, boosting Monday to Friday trade substantially. Only 2% of Lambton Quay shops are vacant, and while some vacant shops are taking longer to fill, the best located are soon snapped up. There is still robust demand from Australian and New Zealand retailers for quality property in quality locations, whether on the best streets or in the best malls.
Click here to read the full report in PDF format
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Sales,
Office Leasing,
Retail,
Industrial,
Valuation and Advisory Services,
Corporate Solutions,
Research & Consultancy,
Auckland Office,
North Shore Office,
South Auckland Office,
Wellington Office,
Christchurch Brokerage,
Dhilan Balia,
Alan McMahon