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Wellington Office Market Report
Bring on 2021!
The office leasing market continues to bounce back since lock down and whilst vacancies have increased approximately 20% since the start of the year, the office leasing market is still in good heart. There is a lack of tenants in the market at the moment but that is likely to change when tenants return and confirm their seating arrangements with their employees early 2021.
Contact Energy recently downsized from 4 floors to 3 floors leaving 1.1400m2 sqm for presumably 25% of their staff whilst the other 75% work from home. Reportedly some staff are arriving super early in order to grab a desk!
Statistics NZ have reported a healthy bounce back in NZ’s economic activity which is very pleasing to note. GDP has risen by 14% (admittedly from a very low base) in the 3 months ending 30th September 2020. On a year to year basis (12 months ending 30th September), New Zealand has only dropped 2.2% on the previous year, a far superior result to most of our OCED cousins including our mate Australia.
Watching the America Cup racing teams racing for the Christmas Cup yesterday, on a magnificent Auckland harbour on a glorious day with the crowds and city glistening in the background was a real treat. We surely do live in Paradise and are truly blessed with our situation here in New Zealand.
Well on that positive note, we can leave 2020 and say bring on 2021! – a new exciting challenge for us all!
Here’s hoping for a COVID free summer and a Merry Christmas and Prosperous New Year to you all!
Rental Update – Current average gross rentals per annum (ex gst) are CBD core: $350 – $750 sqm. TE ARO: $240 – $370 sqm THORNDON: $240 – $350 sqm.
Report written by Tom Burke. Owner. December 18th 2020 (all rental figures in this report refer to gross rentals ex gst)