logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
New Zealand
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Hotels
      • Industrial & Logistics
      • Office Leasing
      • Retail
      • Self Storage
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt & Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Advisory
      • Property Sales
      • Structured Transactions and Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Valuation & Advisory
    • Services for Occupiers
      • Enterprise Facilities Management
      • Host
      • Leasing & Advisory
      • Portfolio Services
      • Project Management
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Office
      Industrial
      Retail
      Land
  • Research & Insight
    • New Zealand Research
      Asia Pacific Research
      Global Research
      COVID-19 INSIGHTS
      Insights & Expertise
      Talking Property Podcast
  • People & Offices
    • New Zealand Executive Committee
      Pacific Executive Committee
  • About CBRE
    • Careers
      Case Studies
      Client Tools
      Corporate Information
      Corporate Responsibility
      Investor Relations
      Media Centre

Next

New downtown office spaces offer a prestigious address
  • Home
  • About CBRE
  • Media Centre
  • Auckland recovery driving growing office occupier demand

Auckland recovery driving growing office occupier demand

21 February 2013
  • Email
  • Share
  • Tweet
  • Share

​Auckland, 21 February 2013 – Auckland’s economic recovery during 2012 has led to increased occupier demand for office space, which has maintained positive momentum into the beginning of 2013, according to the latest research published in CBRE’s first Auckland office leasing Property Connector of 2013.

The publication, which is due out in the National Business Review on 22 February, contains a number of high quality opportunities for occupiers to lease space in new buildings.

It also highlights a number of key trends that CBRE is observing across the Auckland office leasing market, including:

Office demand active and growing

Falling vacancy levels in the CBD and fringe have been driven by net absorption of 30,000sqm in 2012, well above the average of the previous five years. However, vacancy remains at elevated levels in comparison to pre-recession conditions.

Underpinning an expanding office occupier market is an indication that New Zealand’s economic recovery will gain further momentum through 2013.

Landlord influence up, incentives down

The active leasing market and reduction in vacancy have increased landlords’ leverage during the course of 2012. The ramification of decreasing incentives has been that net effective rents have increased by between 4% and 9% during the past year across the various sub-markets.

Flight to quality driven by seismic ratings

The flight to quality premises continues to be a major factor in the market, with new and premium properties attracting occupiers due to a number of factors.

After several years as a core factor in Christchurch and Wellington, seismic ratings are now a prominent issue in Auckland, with company insurers requiring ever-higher safeguards.

Steady stream of new development

Auckland’s fringe and suburban markets have been responsive to development opportunities. 

For example, attractive new office developments are providing occupier opportunities in the James Dilworth Centre in Parnell, the AECOM building on 8 Mahuhu Crescent, as well as at 160 Grafton Road, 162 Victoria St, the GHD Centre at 27 Napier Road, and the Nuffield Corporate Centre at 73 Remuera Road.

According to Lorne Somerville, Senior Director at CBRE, the time for companies considering their 2014-15 leasing plans is now. “The office market momentum is expected to evolve in 2013, with a steady stream of development to follow on the heels of the 29,000sqm of new space completed in 2012.

“We encourage tenants with leases expiring in 2014-2015 to maximise their opportunities by examining new buildings now to ensure they don’t miss out on the decreasing amount of stock available.”

View the Auckland Office Leasing Portfolio e-book

About CBRE

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).  The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Media Contacts

Dan Scott
Dan Scott
Marketing and Pitch Director
New Zealand
+64 9 359 5361
+64 21 625 140
  • Corporate Information
  • Corporate Responsibility
  • Media Center
  • About CBRE
  • Careers
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Notice
  • Complaints and Dispute Resolution Procedures
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Youtube
  • Facebook
  • Instagram
CBRE Limited and CBRE (Agency) Limited, Licensed Real Estate Agent (REAA 2008)