Thursday, 15 July 2021, 4:16 pm
Commercial
office, retail and industrial markets, one year on from the
end of New Zealand’s national lockdown, have performed
more strongly than expected, according to a recent research
report by Colliers.
The report notes that the effect
of lockdowns on the commercial property sectors, both
locally and internationally, however, has varied across
market sectors.
Chris Dibble, head of research at
Colliers, notes that property sector demand has responded
positively as a result of the unprecedented amount of
stimulus from the Government and the Reserve
Bank.
“The generally positive outlook for the
economy, prospects of ongoing low interest rates and a
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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