Wellington, 23 March 2015 – CBRE has launched the latest Wellington office leasing Property Connector, a publication containing a selection of the best office leasing opportunities available.
The 2015 edition of Property Connector features available properties alongside topics relevant to the modern leasing market including:
- How knowing your NABERSNZ rating can help your business;
- The key merits of the capital as a business location, as discussed with GROW Wellington;
- Some considerations that tenants should bear in mind when considering relocation.
Throughout 2014 overall CBD vacancy rates fluctuated around the 10% mark. While this level is generally a healthy indicator of a balanced market, the gap between the lower quality grades (C and D) and higher grades continues to grow. Better space and certainly larger floor plates are in very short supply.
In the 2014 edition of Property Connector we commented on the Government’s portfolio approach to procuring office space under the two phase strategic acquisition process, the Wellington Accommodation Project. This will effectively secure and consolidate the bulk of the Crown’s leasehold office space for the foreseeable future.
With the first phase (WAP1) now largely complete, significant outcomes include the redevelopment and regeneration of the William Clayton Building at the top of Molesworth Street (for the Ministry of Health), theformer Defence House on Stout Street (for the Ministry of Innovation, Business and Employment) and Kiwi Property’s Unisys House on The Terrace (for the Ministry of Social Development).
WAP2, the second phase of this project, is programmed to conclude later this year both leading to considerable relocation movement in our market, but ultimately will not have a major effect on quality vacancy for at least two to three years.
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 2014 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.
