Auckland Metro Office Report | Second Half 2019

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  • Occupier demand remains solid. In the past year, the overall metropolitan vacancy rate has decreased from 6.7% to 5.6%, with quality office space receiving the strongest enquiry. Prime vacancy rates reduced to an all-time low of 3.3% and secondary vacancy rates reduced to 6.3%.
  • Occupier demand for higher-quality premises has led to over 25,000 sqm of office stock to be removed from the survey for refurbishment works. One example is the 107 Carlton Gore Road refurbishment by Argosy who is targeting a green star rating for incoming tenant Housing New Zealand Corporation.
  • Over 28,000 sqm of new office stock has been added into the metropolitan office market this year. Notable examples include, 84 Don McKinnon Drive (AIG House), 33 Broadway (Mercury House), 96 St Georges Bay Road (Xero) and 195-199 Universal Drive (Morrisons Business Park).
  • Limited space and steady employment provide the impetus for metropolitan office average net face rents to continue rising. Average net face prime rents now sit at $325 per sqm and secondary at $215 per sqm.
  • Lower interest rate expectations are driving investor demand. Average yield compression for the 12-months to September 2019 was 60 basis points to 6.2% for prime office stock and 70 basis points to 7.1% for secondary office stock. Investment opportunities are becoming more difficult to source at these yields.
  • Sales activity remains buoyant and competition is strong for quality assets. Private investors, owner-occupiers and syndication companies are the most active. Earlier this year, Stride Property Group settled on the ASB Bank tenanted property at 33 Corinthian Drive. Property and Funds Manager Oyster Management purchased the property for $50.5 million representing a yield of 5.88%. Settled in august this year, a local private investor sold 57 Market Road for $11.6 million to an Australian-based investor representing a yield of 5.78%.

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Auckland Metro Office Report | Second Half 2019

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Chris Dibble

National Director | Colliers Partnerships, Research & Communications

Auckland CBD

My Colliers Partnership priorities focus on support initiatives that drive collaboration, best practice learning, cost efficiencies and growth opportunities across the wider Colliers International New Zealand franchise network. I also oversee the collaboration and delivery of award-winning research reports and communications for Colliers. With over 13 years of experience and university qualifications in economics, geography, marketing and property. I have a multi-disciplinary approach that assists a broad range of clients and internal stakeholders. I am a regular presenter and market commentator, often discussing the latest insights on current and future property trends. I also work with in-house and external writers to curate an audience-focused content delivery strategy for Colliers.

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Gareth Fraser

Auckland Director - Investment Sales

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This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Matt Lamb

Director

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Janet Marshall

Director | Commercial

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Janet is a Director and Manager Commercial Colliers North Shore located in Takapuna.  Janet was recently awarded the Women in Property 2019 award from the Property Council.

She was awarded Rookie of the Year in 2005, awarded Marketer of the Year in 2013 and promoted to Director in 2016.  

Janet specialises in office and retail sales and leasing, and investment sales.  She is also an Executive on the Takapuna Beach Business Association (TBBA) and previously on the Board of the Business North Harbour business association.  Janet is a member of the North Harbour Club and previously President of the Pinnacle Ski Club.   Her connections are extensive, and with over 18 years at Colliers International Janet is well respected within the industry.  Janet is passionate about commercial property and is one of the leading brokers on Auckland's North Shore.

See LinkedIn Profile at  https://www.linkedin.com/pub/janet-marshall/a/27a/a98

Janet's previous  transactions include:

Leasing includes:

The Warehouse Group
New Zealand Defence Force
The Skin Institute
Transaction Services Group
Kalmar Construction Ltd
Medical Assurance Society
The Crate
New Zealand Drug Detection Agency
Inland Revenue Department  
Property Partners  
Vision Accounting
Ministry of Education  
Advanced Management Systems (AMS)
McLaughlin Law
Automobile Association
Straker Translations 
Accordo Limited
Carter Holt Harvey 
Goodwin Turner Commercial Lawyers 
Smartpay NZ Ltd
New Zealand Institute of Education 
Waitemata District Health Board 
Invenco Group Limited
Kiwibank 
Leading Edge Telecom 
North Harbour Business Association
IMS Health  
CCH NZ Ltd 
Northern Health School 

Sales include:

  • 1/3 and 2/3 Cowley Place, Rosedale
  • 18 Cowley Place, Rosedale
  • 120 Wairau Road, Wairau Valley
  • Unit 6/39 Apollo Drive, Mairangi Bay
  • Unit B1, 34 Triton Drive, Mairangi Bay
  • Unit 1, 31 Northcroft Street, Takapuna
  • Unit 106F Bush Road, North Harbour
  • 8B, 331 Rosedale Road, North Harbour
  • 3 Milford Road, Milford
  • D4, 14-22 Triton Drive, Mairangi Bay

Previous Notable Sales:

  • 2-4 Fred Thomas Drive (60M)
  • ​Todd Park ($33M)
  • 38B William Pickering, North Harbour
  • B2, 34 Triton Drive, Mairangi Bay
  • The Hub, Whakatane ($24M)
  • 1A Nile Road, Milford
  • 14, 100 Don McKinnon Drive, Albany
  • Walton Plaza, Whangarei ($13M)
  • B3 and B4, 17 Corinthian Drive, Albany
  • Unit 9, 100 Don McKinnon Drive, Albany
  • Bunnings, Whakatane
  • A1, 75 Corinthian Drive, Albany
  • B3, 210 Dairy Flat Highway, Albany
  • 104 Rosedale Road, Mairangi Bay
  • B4, 210 Dairy Flat Highway, Albany
  • D3 and D4, 14-22 Triton Drive, Mairangi Bay
  • 11 Apollo Drive, Mairangi Bay
  • K, 39 Apollo Drive, Mairangi Bay
  • 40C Triton Drive, Mairangi Bay
  • 51 Hurstmere Road, Takapuna
  • 3A Tarndale Grove, North Harbour
  • G, 4 Antares Place, Mairangi Bay
  • 2A and 2B, 331 Rosedale Road, Mairangi Bay
  • B8, 210 Dairy Flat Highway, Albany
  • 27-31 Park Road, Grafton
  • 46A-D Constellation Drive. Mairangi Bay
  • B3 and B4, 72 Apollo Drive, Mairangi Bay
  • 4B Argus Place, Wairau
  • B3, 63 Apollo Drive, Mairabgi Bay
  • D2, 63 Apollo Drive, Mairangi Bay
  • 450 Glenfield Road, Glenfield
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