Press Release – Bayleys
The strength of the Wellington CBD office market has bucked the trends in other main centres – both in New Zealand and globally. The resilience of the capital’s office sector – demonstrated by ongoing low vacancy rates, steady rental rates and demand for quality stock – is explored in the latest Bayleys Research Wellington CBD office market update report.
The relatively stable Wellington office market hinges largely on the scale of government occupation in the city, according to Bayleys.
On the back of Wellington’s seat-of-government status, and, with the demand for social, housing and health-related services amplified by the COVID-19 environment, there’s been minimal contraction in Crown-occupied space, said Mark Hourigan, managing director Bayleys Wellington Commercial.