MARCH 2013 - DURATION: 9:46
Zoltan Moricz, Head of Research, New Zealand, CBRE
The New Zealand economy reflects a tale of two cities, with government austerity measures constraining growth in Wellington but the cyclical upswing benefiting Auckland, which is the country’s main center of commerce. Occupier trends also diverge between the two markets, with office vacancy steadily rising in Wellington but declining in Auckland. Economic drivers point to modest growth over the next two years, which should underpin a broad recovery in the occupier market. Demand remains reasonably healthy and supply is limited in the short-term, which should lead to a brighter outlook for rents. New Zealand remains an attractive investment market and 2H 2012 saw a big jump in investment activity from a broad mix of offshore and onshore institutions and domestic private buyers.
View The Real Estate Market in New Zealand Podcast | March 2013