CBDs show healthy post Covid economic fundamentals that belie some property market dynamics

The CBD is recognised as the economic powerhouse of New Zealand, contributing 8% of national GDP. Local and central government policies are focused on supporting a strong urban core which is attractive to live and work in. This research brief shows;

• CBDs show healthy post Covid economic fundamentals that belie some property market dynamics.
• Compared to the onset of Covid employment in the CBDs of the main cities increased by 8% to 15% much of it in office based industries.
• The timing of the Statistics NZ employment surveys indicates that some of this growth has been unwound but nonetheless based on traditional metrics the labour market would have supported heathy growth in office demand. 
• This did not eventuate outside of Christchurch due to the impact of hybrid working, but current organisational changes indicate that this is likely to reverse in the coming year.