Commercial Figures Provincial Canterbury

The office leasing market has remained relatively strong in North Canterbury and some rental growth has been observed of late, particularly for superior office space.

New development land for industrial assets is available in Rangiora, increasing the previous limited supply. Take up of this land has been strong and strong land value has been achieved, which has flowed onto rental levels achieved. The Timaru market remains relatively active, and we note that a number of large market participants have purchased large areas of development land.

New retail development is planned for Rangiora, with record rental levels being achieved. Tenant demand for well-located property remains. The investment market remains tight, with few properties made available for purchase of late.

The development of the Showgrounds site in Timaru has been met with strong tenant demand, with a number of national tenants relocating to the development.