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Bayleys Research
Strong leasing activity holds down vacancyThe total vacancy rate across the Wellington region’s five primary industrial precincts has remained at below 3.5% for the third consecutive year according to the findings of the latest Bayleys Research industrial vacancy survey. Small increases in vacancy in Grenada, Petone and Seaview have been all but offset by falls in the figures for Ngauranga and Miramar and Rongotai with the total figure rising from a 2007 total of 3.07% to 3.37% in 2008. While vacancy rates have been held at similar levels to those recorded over recent years, 2008 has seen lessees taking up the “slack” left by a reduction in the number of owner occupiers entering the market. In recent years business owners have been competing aggressively for industrial space in order to insulate themselves against rapidly rising rents while benefiting from escalating capital values. As the economy has slowed over the course of the last year the emphasis has shifted towards freeing as much capital as possible for use within the business as opposed to property purchases. The result is that, with the exception of a few high worth individuals, take up of space by owner occupiers has all but ceased. There has however, been a corresponding increase in leasing activity.
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