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Auckland CBD Office Pulse 1Q11

Stability in the Auckland CBD office market is emerging with the overall Auckland CBD vacancy rate rising only slightly between survey periods, currently sitting at 14.0% up from 13.0% in 2Q10. Anecdotal evidence suggets business performance in New Zealand rallied over 4Q10, after recent GDP results showed business performance remained subdued over 3Q10. While the office sector is recalibrating to the 'new norm' with lower levels of occupier demand conditions, there is approximately 139,000sqm of vacant office space that needs to be absorbed before growth can recommence...

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