Time to tweak CBD development settings

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. Employment has increased to 160,000 filled jobs, ahead of the pre pandemic peak of 145,000. However; 

• The CBD resident population has stagnated at 38,000 with a lack of near term supply. Very few launches have occurred since the offshore buyer ban announcement in 2017
• The CBD apartment pipeline of proposed projects not yet under construction (referred to as the ‘pre construction’ pipeline) dropped from 1,800 units in 2016, to 200 units in 2018. It was zero between 2021 and 2023.
• The recent decline in vacancy indicates that an era of residential rent growth approaches