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Wellington Office Market - February 2010

Occupier demand in the Wellington office market continues to soften over 4Q09 with vacancy sitting at approximately 4.9% for the CBD Core, Frame and North. The vacancy rate has been relatively resiliant, only rising above 4% in 4Q09 for the first time since 2Q07. This is believed to be largely due to the Government's presence, which has helped to insulate the office market from a full downturn experienced in the other parts of the country.

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