The commercial office market remains relatively static, with an oversupply of older first floor space available due to poor NBS ratings, dated standard of fit out, and a lack of onsite parking. However, the proposed conversion of the Menzies building to a 4.5 star hotel will reduce oversupply. There is insufficient information for provincial towns. View the infographic here.
Demand for industrial remains positive, and prime spaces are achieving good yields with a limited supply available. Even the availability of older and secondary stock is limited. View the infographic here.
The retail market is in a transitional phase, with Stage 1 of the Invercargill Central Mall open. Several tenants have relocated, including national chain stores, which has left some secondary premises empty. We expect the retail sector will remain relatively static, however, some new national retailers will likely open in Stage 2. View the infographic here.