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Auckland city enjoys rapid office growth

Auckland is second for office growth out of 10 leading Asia Pacific cities – ahead of Melbourne, Seoul and Tokyo, a new international report says.

Friday, March 14th 2003

Bayleys Real Estate affiliate Cushman and Wakefield, a global business space monitoring specialist, says while global turbulence was a drag on office sector growth last year and the office market in Asia-Pacific remained in the doldrums, the New Zealand market, along with Thailand's, "continues to go from strength to strength". Auckland was also the third-top performing industrial market in the Asia-Pacific region, behind Shanghai and Melbourne...

Auckland showed 9.4 per cent rental growth, compared with top performer Shanghai, at 12.4 per cent. Shanghai's rent per square metre for the year was 256 euros (NZ$514) compared with Auckland's 174 euros (NZ$349).

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