Australasian CBD Office First Half 2020

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New Zealand Market Highlights: 

  • Auckland CBD’s current 4.7% office vacancy rate is at another record low. There is now less than 67,000 sqm of office space across the CBD.
  • Occupiers are considering all qualities of space given the constraints. The prime vacancy rate is at 2.5% and the secondary vacancy rate is at 6.3%, which is a record low.
  • The long-awaited completion of Precinct Properties’ Commercial Bay tower of 39,000 sqm is expected to complete in the first half of 2020.
  • The development pipeline is increasing as tight leasing conditions increase development feasibility. There is now 86,500 sqm of space currently under construction. There are also a number of proposed office developments with no confirmed timelines and tenant pre-commitment yet. Major tenants in existing buildings with expiries in 2023 to 2025 are being chased.
  • Higher rents, low interest rates and a sizeable weight of money from private, listed, offshore and syndication companies are driving investment yields lower. This is expected to continue over 2020.

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Australasian CBD Office First Half 2020

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Related Experts

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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Rob Bird

National Director | Office Leasing

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Rob has over 25 years commercial property experience specialising in Office Leasing, Commercial Property, Financial Analysis and Valuation. He is the National Director of Commercial Leasing. In a prior role he was responsible for the National Property Management business. His current focus covers Office Leasing and Tenant Representation nationwide, particualrly in the Auckland CBD. Prior to working for Colliers International, Rob held positions in Wellington and Auckland with a major international fund manager. His roles included work in property valuation, leasing, purchase and sales.

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