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Article
What does the year-end Auckland industrial occupier survey mean for occupiers?
April 4, 2024
On the face of it, our latest survey shows that over the last six months to December 2023, vacancy across the region remained stable at 0.5%, or circa 75,000sqm. While ‘Prime’ vacancy dropped from 0.6% to 0.3%, ‘Secondary’ vacancy increased slightly from 0.5% to 0.7%, or by 19,000sqm. There is some easing but this trend is expected to continue in 2024 with a sluggish economy exacerbating more volatility in the ‘Secondary’ market than the ‘Prime’ market.
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Report | Intelligent Investment
New Zealand Interest rate outlook and its property yield implications
April 3, 2024
How will the outlook for interest rates over the next two years translate to commercial property yields? Uncover how these dynamics play out against historical trends and what they could mean for your commercial property investment strategy in our Interest Rate Outlook and its Property Yield Implications report
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Research identifying which Auckland Unitary Plan zones are the most active for apartment development.
New Zealand Real Estate Market Outlook 2024
Less uncertainty, and tentative improvement
How will New Zealand’s Commercial Property Market Shifts in 2024 Reshape Your Investment Future?
Read ReportLatest Market Reports
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In Auckland's property market, the top of the yield cycle is close, leading to intensified selling pressure on vendors. Flight to quality continues to characterize the office market. Growth in retail center rents is slowing down, and negative trends are being seen in several sub-regional centers. Rising industrial vacancy is attributed to an active supply pipeline and moderating demand, weakening rent growth momentum.
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The Wellington property market is close to the top of the current yield cycle, and some vendors may face pressure to sell. Rental growthwas mostly absentin Q1, except for prime industrial buildings. Increased vacancy in the office sector may lead tolargerincentives, and the industrial market experienced a slight rise in vacancy, primarily among lower-quality buildings.
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The Christchurch property market in Q1 2024 showed the more pronounced yield softening trend, with the exception of secondary CBD office yields. Rental growth benefited all sectors, particularly the industrial market, which experienced extremely low vacancy rates and good rental growth in the Prime submarket.
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New Zealand Research
Leadership
Property and Industry Experts
Ada Choi, CFA
Head of Occupier Research & Head of Data Intelligence and Management, Research, Asia Pacific
Other Regional Research Heads
Pierre-Edouard Boudot
France
Kim Verdonck
Belgium and Luxembourg
Jan Linsin
Germany and Austria
Jussi Niemistö
Head of Research
Sam Xie
Head of Research, China