Commercial Figures Hawkes Bay

The Napier commercial office market remains steady, with good demand for A and B grade space and record low vacancy rates across all building types. We have seen strong rental growth over the past two years. Over 9000m² of additional stock will be available for lease in the next two years.

The Napier industrial market remains steady, with good demand for industrial accommodation and record low vacancy rates which has resulted in an upward pressure on rents.

Vacancy levels remain low within the prime retail strips in Napier CBD and average demand exists from tenants, although vacancy levels are high with the secondary lower Emerson Street block.

Vacancy levels remain low within the 200 West block in the Hastings CBD, with the 100 block experiencing high levels of vacancy. The Eastern end of Heretaunga Street has undergone significant redevelopment over the past three years which has enhanced the immediate locality, with further redevelopment planned and underway.

The overall vacancy levels for Gisborne office space remains high, higher compared to retail and industrial sectors, at almost 40%. Office tenancies that have been vacant for some time include mostly first and upper-floor office spaces lacking sufficient parking. Other contributing factors for prolonged vacancy periods include the need for upgrading and seismic strengthening. Office vacancy levels continue a sideway trend, hovering around the 39-40% mark.