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This month we update our Auckland CBD office vacancies. As we forecast, it shows a continuing upward trend, across both prime and secondary grade buildings. Vacancy in green buildings on the other hand, has significantly reduced. A table comparing the June 2011 rates with 6 months and 12 months ago appears on page two.

With the completion of the Britomart East Building into which Westpac and Ernst & Young have now moved, there is no office construction currently in the traditional CBD. We have to go to Parnell or Wynyard Quarter to find any significant office development. The main reason for the increase in prime grade is the moves of Ernst & Young, and Westpac recently. Also of note is the consistent increase across A, B and C grade buildings, all increasing quite significantly by between 2.3% and 2.8% in the last 6 months, and now are in a range of 10.9% for A grade, to 12.2% for B grade.

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