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Auckland Industrial Report | Second Half 2020

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Market conditions eased slightly over the six months to September with vacancy rising to 2.1% from March’s record low of 1.4%. Prime grade vacancy held steady at 1.2% while the secondary grade sector saw vacancy increase from 1.6% to 2.5%. Given current high demand for industrial space it seems likely that vacancy is at, or close to, peak levels.


High demand for space and tight market conditions have boosted confidence within the development sector. The value of building consents issued for industrial property development in Auckland over August and September has reached record levels totalling $234.3 million. The spike in activity has propelled the total value of consents approved over the year to September to $615.9 million. 213 consents were issued over the year to September for a total floor area of 329,130 sq m.


The low interest rate environment has driven heightened demand for industrial investment assets. High net wealth individuals, syndicators and property companies are all active in the market. Low interest rates have also increased the appetite from occupiers to secure their own premises. Sales turnover is currently constrained by a shortage of quality assets being brought to market. Yields are likely to firm further in 2021.


The increase in development activity and a shortage of vacant industrially zoned land have seen land values continuing to trend upwards across both established and emerging industrial precincts. Between September 2019 and September 2020 average land values increased by approximately 12.5% in the Airport corridor, Onehunga/Penrose and Mt Wellington while, in East Tamaki values rose by approximately 16.7%.


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Auckland Industrial Report | Second Half 2020

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Greg Goldfinch

National Director | Industrial

Auckland South

Greg specialises in the mid to upper end of the Industrial sale and leasing markets. He joined Colliers International in 2004, coming from a policing background. He quickly established strong relationships within the industrial market and has worked exclusively for the likes of Fisher & Paykel, The Warehouse, Freedom Furniture, Fletchers, NZ Police, NZ Guardian Trust, Goodyear Dunlop NZ Ltd and Mercedes-Benz to name a few.

Greg has been the lead broker on nearly all of the largest transactions in the industrial property market over the last ten years. Greg has completed three of the largest industrial sales ever in the New Zealand market. He is a regular top 10 broker for Colliers across NZ having transacted in excess of $6billion worth of industrial real estate in his time with Colliers.

In 2013, 2019 and 2020 Greg was awarded the Commercial and Industrial Salesperson of the Year Award by the Real Estate Institute of New Zealand and was runner up in 2018. Greg was Colliers International’s top salesperson in New Zealand across all sectors in In 2010, 2013, 2017, 2018, 2019 and 2020.

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