Colliers International has just released their latest Auckland metropolitan office market report.
Key Findings:-
• Overall vacancy sits at 10.7% in the Auckland metropolitan office market, down from 11.5% in March 2010.
• Strong leasing activity experienced in the second half of 2010 is anticipated to continue through 2011.
• Prime rents remained stable over 2010, while secondary office rents declined progressively, and are anticipated to drop further during 2011.
• The volume of Auckland metropolitan office sales over $2 million dropped in 2010 to levels not seen since 2002.
• The pattern of stable yields is forecast to continue over the next couple of years, resulting in weak but stable capital values.
• Approximately 39,900m² of new office space was completed in 2010, all of which was pre-committed including the new Telecom headquarters on Victoria Street West.
• Auckland International Airport announced ‘Quad 5’, a new four-level, 5000m² office development, designed to a 5-star green rating.
Click here to read the full report in PDF format
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