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News Release

Auckland and Wellington

New Zealand cities lead JLL Global300

A recent survey conducted by commercial property specialist’s JLL, confirmed New Zealand’s two largest cities have ranked in the top ten for fastest-growing office rents against 300 global cities.


 

 

Historic Auckland landmark the General Building for sale/new-zealand/en-gb/news/851/historic-auckland-landmark-the-general-building-for-saleAucklandHistoric Auckland landmark the General Building for sale
Significant piece of industrial land for sale /new-zealand/en-gb/news/848/significant-piece-of-industrial-land-for-saleChristchurchSignificant piece of industrial land for sale

​JLL tracks 300 cities that are predicted to account for the bulk of economic and commercial real estate activity over the next decade. The cities which make up JLL’s latest Global300 account for more than one-third of the world’s economy, along with nearly three-quarters of global real estate investment and over 80% of the world’s prime office stock.

Within those 300 cities, 95 of the top global markets were identified and measured on Grade A rental performance. Wellington ranked fourth for the fastest-growing office rents with an 11% growth from Q3 2013 to Q3 2014. The city placing first with the fastest-growing office rents was Dublin with a 28% year on year growth, Singapore was second with 19% y-o-y growth and Lyon came in third with 11% y-o-y growth. Auckland came in at tenth place behind Houston, Jeddah, Taipei, Boston and San Francisco. 

National Director of Research and Consulting for JLL NZ, Justin Kean, says, “These mature office markets globally have experienced limited rental growth due to the ongoing effects of the global financial crisis. The New Zealand market however has clearly responded to economic conditions indicating we are ahead of the curve when compared to global competitors amongst the Global300. ”

The Global300 is based on a Commercial Attraction Index, which is distinct in that it includes key real estate measures (namely investment volumes and commercial real estate stock), as well as socio-economic and business indicators such as economic output, population, air connectivity and corporate presence. The analysis is underpinned by a proprietary database of key performance indicators covering 660 cities worldwide. 

The Global300 cities form the bedrock of global commercial real estate activity. They are the world’s most populous, productive and connected cities; their one billion citizens are responsible for close to 40% of global economic activity, more than the US and EU combined. The Global300 cities will account for the bulk of global economic and commercial real estate activity over the next decade and are the overwhelming focus of international investors, corporate occupiers, retailers and hotel operators.

Despite the increasing choice of cities, commercial real estate activity continues to be highly concentrated into the Global Top30 cities, which are the destination of over half of total commercial real estate investment into the Global300. The combined forces of globalisation, urbanisation and modernisation have propelled four cities into the realm of ‘Super City’ status – Tokyo, New York, London and Paris – these four cities are the destination of over 50% of all foreign capital invested into the Global Top30.