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Colliers Essentials | Auckland Metro Office Report | First Half 2021

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Metropolitan office vacancy rates continued their upward trend over the six months to March 2021 but at a slower rate than evident over the previous six months. Overall vacancy increased to 6.9% from 6.3%. A majority of the movement was recorded within the prime sector with vacancy moving from 3.3% to 4.9%. The change is partially driven by the relocation of companies to new CBD headquarters, a notable example being Genesis Energy which has moved from Central Park to 155 Fanshawe Street. Vacancy within the secondary sector remained little changed at 7.5% compared with 7.3% in September. 

 

Changes in office space requirements by some tenants has seen an increase in the number of sub-lease opportunities being brought to market over the last year. Across Metropolitan Auckland, Colliers is monitoring just over 20,000 sqm of sub-lease space with a minimum lease size of at least 1,000 sqm. A majority Is located within the North Shore precinct where the most notable recent addition has been from Vodafone. 

 

Development activity continues, with approximately 41,220 sqm of office space currently under construction or refurbishment. Confirmation from Kiwi Property that it is to begin development of a second office tower at Sylvia Park in October, provides further evidence of ongoing confidence in the metropolitan office market. 

 

Investment yields have continued to firm over the last year reflecting the low interest rate environment and the high level of competition evident for a limited number of prime assets being brought to market. Average prime yields now sit at 5.8%, down from 6% recorded a year ago. 

 

Rental values have been under pressure over the course of the year, particularly within the secondary sector. While net face rents have generally been maintained, increased incentives through rent free periods and/or fit-out contributions have been on offer

 

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Colliers Essentials | Auckland Metro Office Report | First Half 2021

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Related Experts

Matt Lamb

Director

Auckland CBD

Matt has 16 years’ experience in commercial leasing, starting his career in Melbourne before returning to Auckland where he has spent the past 10 years building an extensive industry network.

With expertise in the Auckland office leasing market he co-lead’s the Colliers Auckland Commercial Leasing team.

Matt covers all aspects of the job with expertise in end-to-end leasing solutions focusing on medium to large businesses. From the initial design through to the final leasing, major back-fill, sub-leasing, assigning of existing leases and seeking the right office solution for significant corporate organisations.

Matt has consistently been a top tier performer in Auckland for office leasing and prides himself on strong and enduring relationships in the market.

View expert

Janet Marshall

Director | Commercial

Auckland North

Janet is a Director at Colliers North Shore located in Takapuna and received the prestigious Women in Property award from the Property Council in 2019.

Janet was awarded Rookie of the Year in 2005, 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 a Board executive on the Takapuna Beach Business Association (TBBA) and previously on the Board of the Business North Harbour business association.  Janet was also the first female President of the Pinnacle Ski Club in Ruapehu.  Her connections are extensive, and with over 15 years at Colliers International Janet is well respected within the industry.  Janet is passionate about commercial property and is one of the leading commercial brokers in Auckland.


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

Janet's previous  transactions include:

Leasing includes:

  • Accident Compensation Corporation (ACC) 
  • Primepac Ltd 
  • 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 
  • 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:

  • 12, 25 Corban Avenue, Albany
  • B4, 34 Triton Drive
  • B1, 59 Apollo Drive
  • 1/3 and 2/3 Cowley Place, Rosedale
  • 18 Cowley Place, Rosedale
  • 120 Wairau Road, Wairau Valley
  • Unit 6/39 Apollo Drive, Rosedale
  • Unit B1, 34 Triton Drive, Rosedale
  • 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, Rosedale
  • 38B William Pickering, North Harbour
  • B2, 34 Triton Drive, Rosedale
  • 1A Nile Road, Milford
  • 14, 100 Don McKinnon Drive, Albany
  • B3 and B4, 17 Corinthian Drive, Albany
  • Unit 9, 100 Don McKinnon Drive, Albany
  • A1, 75 Corinthian Drive, Albany
  • B3, 210 Dairy Flat Highway, Albany
  • 104 Rosedale Road, Rosedale
  • B4, 210 Dairy Flat Highway, Albany
  • D3 and D4, 14-22 Triton Drive, Rosedale
  • 11 Apollo Drive, Rosedale
  • K, 39 Apollo Drive, Rosedale
  • 40C Triton Drive, Rosedale
  • 3A Tarndale Grove, North Harbour
  • G, 4 Antares Place, Rosedale
  • 2A and 2B, 331 Rosedale Road, Rosedale
  • B8, 210 Dairy Flat Highway, Albany
  • 46A-D Constellation Drive. Rosedale
  • B3 and B4, 72 Apollo Drive, Rosedale
  • 4B Argus Place, Wairau
  • B3, 63 Apollo Drive, Rosedale
  • D2, 63 Apollo Drive, Rosedale
  • 450 Glenfield Road, Glenfield

Notable Sales:

  • 2-4 Fred Thomas Drive ($60M)
  • ​Todd Park ($33M)
  • The Hub, Whakatane ($24M)
  • Walton Plaza, Whangarei ($13M)
  • 102 Rosedale Road, Rosedale
  • Bunnings, Whakatane
  • 51 Hurstmere Road, Takapuna
  • 27-31 Park Road, Grafton 
View expert

Gareth Fraser

Auckland Director - Investment Sales

Auckland CBD

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

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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Chris Dibble

National Director | Colliers Partnerships, Research & Communications

Auckland CBD

Chris Dibble oversees three key business units at Colliers New Zealand - Colliers Partnerships, Research and Communications.

Colliers Partnership priorities focus on support initiatives that drive collaboration, best practice learning, cost efficiencies, and growth opportunities across the wider Colliers franchise network.

As the head of research for Colliers, Chris oversees the collaboration and delivery of award-winning research reports. He is a regular presenter and market commentator, often discussing the latest insights on current and future property trends.

Chris also leads  PR and communications for Colliers. He works with in-house and external writers to curate an audience-focused content delivery strategy. 

With over 15 years of experience and university qualifications in economics, geography, marketing and property, Chris provides a multi-disciplinary approach that assists a broad range of clients and internal stakeholders.

View expert

Ian Little

Associate Director | Research

Auckland CBD

My Colliers partnership priorities focus on supporting the New Zealand franchise network through the provision of research and thought leadership reports, articles and presentations. I draw on over 30 years of experience in the property market, gained in both the UK and New Zealand to my role enabling me to assist a broad range of clients and internal stakeholders. I am a member of the Royal Institution of Chartered surveyors. I am a regular presenter on current market conditions and future trends to the media, clients and various interest groups.

View expert

Thomas Smeed

Research Analyst | Research

Auckland CBD

Thomas's role within Colliers consists of undertaking market research across both the commercial and residential sectors to aid in the preparation of market reports. Being responsible for the handling of a number of core databases, his work is used in providing analytical support for a range of solutions, both within the organisation and externally. As a current student, Thomas's academic studies in Property and Marketing  allow him to bring a well rounded approach  to his role. 

View expert