Auckland, 17 May 2013 – The latest Auckland and Wellington Office Leasing Property Connector’s are out now. The two publications present the opportunities in both markets with some excellent locations for discerning tenants.
Auckland’s office leasing momentum continues for 2013 with several new buildings meeting the rising demand. The latest Property Connector gives a snapshot of the almost 700 office premises currently available in Auckland.
15,000sqm of newly-built office space is available for immediate occupation with developers responding to market opportunities, with a number of new builds underway and several others ready to commence with a suitable level of pre-commitment. Prime office space options are both geographically restricted and sharply reducing in availability, which means high demand for the remaining Auckland supply.
Lorne Somerville, Senior Director at CBRE says "Demand is likely to surpass quality office supply over the next 18 months, therefore tenants need to be aware of what is happening in the office leasing market and the implications for their business."
Some highlights in the latest Auckland Office Leasing Property Connector are;
• 7,020m2 of A Grade offices at 4 Williamson Avenue, Ponsonby
• Refurbished B Grade offices at 160 Grafton Road, Grafton offering up to 4,430m2 over three contiguous floors.
In Wellington, there is a shift in occupancy trends which show flight to prime quality options. In spite of an increasing overall vacancy rate, tenants have fewer options of acceptable quality choices. Tenants seeking space in excess of 1,500sqm will be particularly affected by this lack of option.
However, the shortage in Wellington is being addressed by landlords investing in redeveloping the assets and undertaking building upgrades to move them into prime and better quality secondary grade buildings. These upgraded buildings will have the structure and safety that tenants are looking for and will help meet the rising demand
Highlights from the Wellington Office Leasing Property Connector are;
• Huddart Parker Building, undergoing a full structural, services and cosmetic upgrade due for completion in mid-2013.
• 80 The Terrace is a stone’s throw from government and financial institutions offices, transport hubs, the motorway and the Lambton Quay retail strip.
Matt Hince, Senior Director of CBRE says “We invite tenants with upcoming requirements to browse through Property Connector and contact a CBRE agent to discuss how these properties could be tailored to meet your needs.”
About CBRE Group, Inc.
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.
