Review 3Q 2019
This report provides an update to the market on the amount of office accommodation currently available in Premium and ‘A’ grade buildings in Auckland, Wellington and Christchurch.
Much talk in the media seems to be concentrated on economic performance and prospects for New Zealand presently, but we are yet to see any evidence in the prime office accommodation market that any uncertainty is affecting business’ decisions regarding property. Real estate remains a core asset for companies to maintain and grow business as usual wherever possible.
Vacancy rates remain minimal in both Auckland and Wellington, while Christchurch continues to see a return to normalisation in its CBD office market and a clear reduction in available space. And, while there is a legitimate question mark about poorer and outdated office accommodation in our major cities, Premium and ‘A’ grade space is proving notably resilient. After all, property is ultimately a business about people (the occupiers), and New Zealand businesses continue to recognise and value the merits, quality and benefits for staff of our top grade buildings.