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Press Release – Property and Build Colliers research found both Auckland and Wellington have experienced increased rates of vacancy in the commercial sector,but is this the new normal or is change on the horizon? Wellington Retail Overall vacancy over the second half of 2020 continued its upward trend from December 2019’s low, however, the rate of increase slowed from that evident in the first half of the year. Total vacancy reached 7.6% in December up from the 6.7% recorded in June. The latest figure equates to an additional 1,250 sq m of vacant space, taking the total to 11,000 sq m. The completion of Willis Bond’s redevelopment of the former Farmers Building at 100 Cuba Street was the only significant addition to the CBD’s inventory over the second half of 2020. Removal of stock for refurbishment or earthquake strengthening however, resulted in a net reduction of stock from a mid-year total of 154,505 sq m to 145,170 sq m at the end of the year.

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