Colliers International has just released their latest New Zealand CBD office market report.
Key Findings:-
• Overall vacancy sits at 12.2% in the Auckland CBD office market, up from 10.9% in June 2010.
• Overall vacancy in the Dunedin CBD office market sits at 10.5%, while in Wellington CBD it is 10.0%.
• In the Hamilton CBD, net prime face rents remained stable over 2010, but they declined by 4.0% and 4.7% in Auckland and Wellington CBD office markets respectively.
• In Christchurch, immediately following the February earthquake, around 81% of existing CBD office space was in the red zone, with a significant proportion of buildings becoming uninhabitable.
• Current CBD office development in Auckland CBD is negligible, although the CBD fringes are active. In contrast over 61,000m² of prime office spread over four different developments was completed over the last 12 months in the Wellington CBD office market.
• The volume of New Zealand CBD office sales over $2 million increased in 2010 by 19.4% compared with 2009, and 91% up from 2008 levels.
• While Australian funds are to a large extent still absent from New Zealand, many private investors are actively buying.
• We anticipate that yields will hold steady over the next 12 months.
Click here to read the full report in PDF format
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