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Market Reports

A regular commentary on the Wellington commercial leasing marketplace.

Slow and Steady Office Leasing Market

By in Market Reports on 27 April 2022

Now approaching 2/3rd s of the year gone, the market is a bit static at the moment after a slow and steady start to the year. We are still getting an average of one new listing a day, but tenant demand has waned of late. Having a lot of listings is obviously of advantage to […]

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Office Market tightens

By in Market Reports on 28 February 2022

With Wellington now back in RED , office tenants are staying away from the CBD in their droves. Employers are understandingly encouraging their staff to stay home if they can, rather than risking the whole office getting Omicron and crippling the business in one foul swoop. Retailers including hospo, are taking a battering and the […]

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Lock Down Blues

By in Market Reports on 12 September 2021

With Wellington still being in Level 2, the office leasing market has virtually ground to a halt. Hopefully we’ll be back to Level 1 very soon and life can return to normal, possibly with masks on. The office market to date this year has remained steady and the latest reported CBD vacancy rate is between […]

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BNZ to reduce office space by 30%

By in Market Reports on 30 June 2021

Today it was announced that the Bank of New Zealand has cut its corporate office space by 30 per cent after a permanent shift to a hybrid working model where its nearly 5000 staff work either two or three days from home. BNZ chief financial officer Peter MacGillivray said the move had allowed the bank to […]

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Wellington, New Zealand

Office Market Steady

By in Market Reports on 12 May 2021

The office leasing market continues to bounce back in 2021and is now steady. The rush to sub lease, which was anticipated moving into 2021, has yet to eventuate. Tenants are maintaining a “steady as she goes” approach and retaining their office tenancy for the meantime, even though in some cases the tenancy is only fully […]

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Wellington CBD view

Bouncing Back

By in Market Reports on 12 February 2021

The office leasing market continues to bounce back since lock down and whilst vacancies have increased approximately 20% since the start of 2020. 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 as tenants return and confirm […]

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