Demand for retail properties surge in NZ

Thursday 4 November 2004

The total value of consents issued for non-residential buildings surged in September 2004, up 42% or $108 million to $366 million, according to Statistics New Zealand.

By The Landlord

The trend for the value of non-residential buildings has increased in most months since January 2003, with continuous growth since December 2003. In September 2004, the trend level was 36% higher than in December 2003.

Consents issued for shops, restaurants and taverns contributed 21% to the non-residential buildings total in September 2004, followed by consents for offices and administration buildings (15%), and for factories and industrial buildings (13%).

While consents for 2,291 new dwelling units were issued in September 2004, down 712 units (24%) compared to last year.

The trend for the number of new dwelling units has been declining since January 2004. For the year ended September 2004, consents for 31,464 new dwelling units were issued, up 1,325 (4%) from the year ended September 2003. This total is the largest recorded for a September year since 1974.

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