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Bayleys Research
1st HALF 08 AUCKLAND CBD OFFICEHealthy Office MarketYears of robust economic activity and business growth have provided a strong base for the Auckland CBD office market, which continues to be in a healthy state. Generally, the supply of office space remains tight despite continued construction in the key office precincts, and a preference for quality office space continues to be apparent, according to the latest vacancy survey results completed by Bayleys Research. The overall Auckland Central Business District (CBD) office vacancy rate is now at 9.6% compared with 9.5% recorded in the mid-2007 survey, with only the slightest of changes also occurring in the Prime (Premium and A-Grade) and Secondary (B and C-Grade) office space categories. Prime office space, which accounts for approximately 30% of the total amount of office space in the CBD, continues to lead the market with a vacancy rate of just 3.5%. The Secondary office space vacancy rate has also consolidated on the decrease in vacancy recorded six months ago and is just under 12%.
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