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Bayleys Research
GREATER AUCKLAND COMMERCIAL OFFICES 2009The latest Bayleys Research commercial office vacancy surveys covering the Auckland CBD, City Fringe, Southern Corridor and North Shore markets have shown only moderate increases and, in the case of the CBD, a decrease in overall vacancy rates despite the worsening economic climate. Vacancy levels range from 6.5% in the Southern Corridor to 13% on the North Shore. However, anecdotal evidence suggests an increasing number of office tenants are undergoing a consolidation of their business by reducing staff levels and looking for opportunities to shrink the amount of office space they are committed to. For many, the lead-in time to their lease expiry is too long and other alternatives are being considered, including subleasing. So, while the latest vacancy levels are still very healthy, they may be hiding an increasing amount of space already being made available to the market through a growing sub-lease market. To date, the marketing of this space is being conducted “off market” as organisations prefer to keep their level of retrenchment private for as long as possible. It is, therefore, impossible to quantify the additional amount of space which is actually available to the market over and above that which is currently physically vacant. |
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