Vacancy levels have remained low across all precincts. Rental levels have been stable to modestly improving over the last 12 months, led by prime warehouse space. Yield rates fell further during 2021 due to strong demand and limited supply however have now stabilised and some recent sales indicate some easing in yields may be beginning to occur. New development continues to be constrained by limited greenfield supply. View the infographic here.
Vacancy levels continue to remain low in preferred locations. Rental growth has been most evident amongst prime and new-build stock, principally in the still developing Westgate and Hobsonville precincts. Other areas largely confined to redevelopment on brownfields or infill sites. Yield rates fell further during 2021 due to strong demand and limited supply but have now stabilised. View the infographic here.
The overall vacancy rate reached a historic sub-1% low by late-2021, comprising mostly secondary stock. Rental growth continues to be evident, particularly for new developments, driven by escalating land prices and construction costs. Yield rates fell further during 2021 and drove strong capital value growth, reflecting strong investor and owner-occupier demand chasing limited supply, but appear to have now stabilised with recent increases in interest rates. View the infographic here.
Vacancy levels are at historic lows, with East Tamaki particularly experiencing a supply shortage. A substantial volume of near-term new development is planned in various locations, which will eventually help to ease demand pressure. Land values have continued to escalate from already record levels. Yield rates fell further during 2021, with strong capital value growth evident but yields have now stabilised with recent increases in interest rates. View the infographic here.