The latest Coworking+ report provides insights into New Zealand’s flexible office market, highlighting noticeable trends with coworking spaces where tenants are gravitating towards modern buildings, emphasising quality to entice their staff back to the office, and how landlords are responding to the evolving demands of the market.
The latest Auckland CBD office market update highlights a two-step office market. Changes in working trends have shifted the focus of demand towards quality offices, with rents rising for prime office space. Meanwhile, secondary properties are needing higher incentives to maintain their face rents amongst weaker demand.
The latest Auckland industrial market update highlights strong competition for space leading to rising rents across the region. Meanwhile, in the investment markets, higher interest rates led to a sharp drop in sales activity during 2022. Moving forward, yields are expected to stabilise at higher levels which should help bring more confidence back to investors.
The latest Wellington Industrial update explores the impact of the low-vacancy rate resulting in more off-market transactions and the shortage of space is making businesses look at 3PL solutions with existing warehousing capacity. It also looks at the risks of over-supply in the micro-unit market if the current tenant demand drops.
The latest Tauranga commercial report looks at the flight to quality in the office market as tenants seek higher-quality space to bring their workers back to the office. It also looks at the impact of rising interest rates as yields become softer. Signals of inflation and long-term interest rates peaking could indicate yields stabilising at higher levels.
The latest Hamilton commercial report highlights how the prices in development land appear to be stabilising as higher construction costs and lower demand soften yields. The commercial property market is generally subdued and a lack of transactions is making some sub-sectors experience downward prices.
The latest Palmerston North and Manawatū report highlights that large infrastructural investment by local and national governments is making the region attractive to occupiers, tenants and investors, and how large format retail has been largely resilient due to essential goods and e-commerce platforms.