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Demand levels recovered through 2023 to near 2019 levels with strong domestic demand supported by growth in Australian and US visitation. The recovery in Chinese travel continues to be slow and is not expected to fully recover until the 2024/25 NZ summer period. Occupancy levels are trending upward as new supply is absorbed and with ADR’s well above pre-COVID levels, RevPAR’s across all major markets have surpassed previous peak levels.
Christchurch continues to stand out as a healthy property market. One clear signal of this is the drop in vacancy across all tracked markets during H2 2023 (CBD office, suburban office and industrial) due to positive occupier demand and net absorption.
During H2 2023, office vacancy shifted to the double-digit realm, increasing to 10.2% from 8.3%. This was mostly triggered by high levels of backfill vacancy (mainly in Grade A premises), since the market witnessed a notable volume of supply completions that unleashed a high number of tenant movements.