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Wellington CBD Office Report | First Half 2021

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  • Underpinned by government occupation and bolstered by New Zealand’s better than expected economic performance, vacancy within Wellington’s CBD increased only marginally over the second half of 2020. The overall vacancy rate increased from 6.4% to 6.9%. The increase was largely confined to the secondary market which saw vacancy reaching 8.7% whilst conditions at the prime end of the market remained tight with a vacancy rate of just 1.0%
  • Tight market conditions and strong tenant demand has elicited a response from the capital’s development sector. The capital now has approximately 48,249 sqm of space currently under construction, 76.0% of which is subject to tenant precommitment. 

  • Environmental sustainability is becoming an increasingly important factor for tenants when considering their accommodation options. This has been well illustrated by the government which has mandated that from 1st January 2021, agencies are required to ensure, when entering or renewing a lease, that the subject property has a minimum 4-star energy efficiency rating. 

  • The limited number of prime quality investment assets being brought to market has driven further yield compression with new record yields achieved. Listed property vehicle Stride Property acquired 20 Customhouse Quay (Deloitte House) for $228 million, reflecting a yield of 4.5%. The 5 Green Star rated building was completed in 2018 and is 100% occupied. 

  • Prime gross face rents remained steady over the year for like for like properties. New benchmark gross rents approaching $900 per sq m are expected upon completion of new developments. Current average prime gross face rents sit at $615 per sq m and average secondary rents at $338 per sqm.

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Wellington CBD Office Report | First Half 2021

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Related Experts

Richard Findlay

Managing Director

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As an owner of Colliers International Wellington Richard has been involved in all aspects of the business and specialises in high value transactions and development opportunities.

He has over 25 years experience in commercial property and been involved in a large number of Wellington’s biggest sales.

Richard offers his clients a strong understanding of the wider commercial market whilst still delivering specialist advice across different property sectors. With a global breadth of local knowledge at hand, he takes a personal interest in ensuring his clients are kept well informed of the Wellington property market.

Richard began his career with commercial leasing and later sales and spent three years with central London property firm Gooch & Wagstaff. Between his expertise, knowledge base and the networks he maintains, he prides himself on being one of Wellington’s best informed brokers.

Richard was formerly on the Wellington committee for the NZ Property Council and is a past chairman for the Wellington branch of the NZPI.

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Jim Pinson

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Having worked in commercial real estate since 1989, Jim has 30 years experience in the industry and has been involved in the majority of Wellington’s largest office leasing deals throughout the past decade. As an owner of Colliers International Wellington, his specialisation is providing leasing solutions to corporate and Government tenants.

Before moving to New Zealand from the UK in 1994, Jim specialised in investment sales with the Bristol property firm Hartnell Taylor Cook.

Since 1999 Jim has managed Wellington’s most experienced office leasing team, with a current combined experience of over 70 years to their name. He handles opportunities across the whole office leasing market but his major strengths lie in advising on long-term relocations and lease restructuring projects.

Jim has been a director and shareholder at Colliers since 2004. He prides himself on his professionalism and skill in ensuring that projects are run to the client’s total satisfaction. His focus remains on taking those clients through a process that is cost-effective, enjoyable and as simple as possible.

In addition to his two decades’ experience, Jim’s strengths also lie with the established networks he maintains across the corporate and government sectors, encompassing a variety of complementary professions and skillsets. Jim has the connections and the resources to get the job done.

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Steve Maitland

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Wellington (Agency)

Steve has been working for Colliers International for over 20 years as an Associate Director of the company, specialising in office leasing and lease renegotiations for Corporate and Government Tenants predominantly within the Wellington central business area.

Steve has worked with many of the major occupiers in the City, and has recently transacted deals for New Zealand Law Society, Meredith Connell, Ministry of Education, GWRC, Volpara, CCL, MFAT and Historic Places Trust. 

Steve receives a high amount of referral and repeat work as Tenants grow/restructure or revisit the market leading up to lease expiry.

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Chris Dibble

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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.

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Ian Little

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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.

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