Rental rates for new low-rise office accommodation have increased steadily in line with development costs. Existing office accommodation rentals have typically remained static with potential increases offset by higher operating costs. The market shows strong demand for low-rise accommodation and weaker demand for older accommodation. View the infographic here.
Rental rates for industrial properties within Palmerston North and the wider Manawatu have continued to increase, particularly for modern versatile earthquake-compliant accommodation. Strong demand continues from both investors and owner-occupiers. Logistics and distribution warehousing remains a significant focus. View the infographic here.
Palmerston North's retail activity remains centred around two inner-City plazas and large format national retailers. Typically, inner-City second-tier tenants are hesitant to commit to long-term leasing with weak demand in this sector. Suburban retail centres are seeing steady demand for tenancy with low vacancies evident. View the infographic here.