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Bayleys Research
WELLINGTON RETAIL 2010 1WELLINGTON RETAIL VACANCYNew Zealand’s economy is beginning to emerge from a recession prompted by the biggest global financial crisis since the 1930s. Over the last two years businesses and consumers have dealt with an extremely worsening economic environment, including a shrinking economy, heavily reduced liquidity and rapidly increasing unemployment figures. It is no surprise then that the vacancy rate in retail property in Wellington’s CBD has escalated to a record 6.7%, observed in the latest Bayleys Research Wellington regional retail survey. Over the 12 month period the rate of vacancy has doubled from a historically low 3.1%.
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