Vertical Vacancy Review Q1 2021
Our latest edition of the Vertical Vacancy Review reveals the growing subtleties between Auckland, Wellington, and Christchurch.
If ever there was evidence of a non-uniform office property experience across our country, now is the time. Given the diverse market trajectories we have observed between and within cities in the last six months, making broad statements about a single 'New Zealand office market' would be problematic.
Where Auckland saw an increase in vacancy since our November review, Wellington and Christchurch remained relatively steady, having been supported by reliable Government-linked tenancies in the capital and a high proportion of A-grade space in the Garden City.
Moreover, there are marked differences within cities. For example, Auckland’s Wynyard Quarter outperformed the city’s Core, as did premium office when compared to the increasing number of A-grade vacancies. Combine this with shadow vacancy and the narratives are divergent and complex.
Read more about the Auckland, Wellington, and Christchurch office markets in our May 2021 report.