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Bayleys Research
NEW ZEALAND COMMERCIAL OFFICE 2009INTRODUCTIONThe latest review of the country’s major commercial office markets has revealed a number of similar trends, driven by the changing economic environment. Landlords have been forced to change their priorities from rental growth to tenant retention as businesses come under financial pressure. An increasing number of occupiers are looking to cut occupancy costs either through re-negotiating lease terms with their landlords or through sub-leasing a proportion of their space. Reduced tenant demand has resulted in a number of significant proposed speculative developments throughout the country being shelved, Rental rates have generally fallen either via a reduction in headline asking rents or through increased incentives. Yields have softened as evidenced by the recent revaluations of a number of the listed property trusts portfolios. The investment market has been characterised by a much keener appreciation of tenant risk. That having been said, well tenanted properties have continued to attract low yields as the amount of good grade investment stock being brought to market remains limited. |
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