Vertical vacancy review 3Q19 provides a visual representation of what is happening in the prime office market in Auckland, Wellington and Christchurch.
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Given New Zealand’s summer calendar dominating the first part of the year, as usual, the first quarter of 2019 has been a story of two halves
The push to ensure a high NBS rating has seen demand outstrip supply for office real estate in the capital – so what’s in the pipeline?
Christchurch is rich for retailers seeking to enter the market as supply continues to trickle into the market in line with a rising vacancy rate.
This year has seen a significant drop in the development pipeline as most of the stock affected by the 2011 earthquakes has now been rebuilt.
Consumers are changing the way they shop and this has had a profound impact on brick and mortar retailers, particularly in Wellington.
While office demand remained elevated over the quarter, there are a few large projects on the horizon which are likely to have a significant impact on the market.
Download the Vertical Vacancy Report 1Q2019 to learn about the vacancy rate in Auckland, Wellington and Christchurch’s prime and ‘A’ Grade buildings in their respective CBDs.