Colliers International has just released their latest New Zealand retail market report.
Key Findings:-
• Overall vacancy sits at 5.4% in the Auckland retail market, up from 4.5% in June 2010.
• Overall retail vacancy in Wellington CBD sits at 5.7%, while in Dunedin CBD overall vacancy currently sits at 5.1%.
• Much of the eastern side of Christchurch has been damaged by liquefaction and has caused major displacement of retail activity from the eastern side to the western side of the city.
• The draft Central City Plan outlines the rebuild in Christchurch, and is costed at $2 billion. One main focus point is to reduce the maximum height of buildings within the central city core, the highest allowable being seven storeys.
• Prime retail rents across New Zealand have remained stable over 2011 with the exception of Christchurch, where rents increased across all earthquake unaffected suburban areas.
• The volume and value of New Zealand retail property sales over $2 million rebounded in 2010, compared to 2008 and 2009. In contrast, retail property sales under $2 million declined 16.5% compared to 2009.
• Bigger retailers are on the expansion trail again, allowing larger developments to be pre-leased and financed.
Click here to read the full report in PDF format
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Sales,
Office Leasing,
Retail,
Real Estate Management,
Character Space,
Valuation and Advisory Services,
Corporate Solutions,
Research & Consultancy,
Auckland Office,
Whangarei Office,
North Shore Office,
Hamilton Office,
Tauranga Office,
Hawkes Bay Office,
Palmerston North Office,
Wellington Office,
Christchurch Brokerage,
Nelson Office,
Queenstown Office,
Dunedin Office,
Christchurch Real Estate Management,
Dhilan Balia,
Alan McMahon,
Leo Lee