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Commercial property OPEX survey shows rates highest cost

The Property Council of New Zealand’s annual survey of operating expenses for commercial buildings and shopping centres revealed in each city except Hamilton, rates were the highest single expense of all categories tracked.

Wednesday, November 22nd 2006, 12:00AM

by The Landlord

Compared to the figures for 2005, rates have increased significantly in both Auckland and Wellington, while Hamilton office rates were the lowest in the country at $7.82/m2.

In Auckland, rates for CBD office properties were up 12.8% to $34.37/m2 (compared to $30.48/m2 last year), while the median non-CBD office rates were $17.84/m2 (up from $17.66/m2). Wellington CBD office rates were up 9.3% to $24.46/m2 (compared to $22.37/m2 last year). Median Christchurch CBD office rates were $10.18/m2.


The 2006 survey investigated operating costs in 125 office buildings and 56 shopping centres with a total rentable floor area in excess of 1.71 million square metres.

Auckland CBD office buildings recorded a median total operating cost of $87.44/m2, a sizeable increase from last year’s $78.49/m2, making this category the most expensive in the country. The median cost for Wellington CBD office properties dropped significantly to $71.01/m2 from $78.91/m2 last year.

Auckland non-CBD office buildings recorded a very slight increase, up to $60.81/m2 from $59.93/m2 in 2005.

The median cost for Christchurch CBD office properties was $46.08/m2, while the median cost for Hamilton office buildings was $44.65/m2.

Both Auckland non-CBD and Wellington CBD office buildings have experienced significant decreases in insurance costs this year compared to 2005, while the costs for Auckland CBD Office buildings have remained constant.

The median Wellington CBD office insurance expense was $9.65/m2, a 27.1% decrease from last year’s figure of $13.24/m2. This continued to be a significant cost for Wellington properties as the third highest expense of all categories tracked.

The median Auckland non-CBD insurance cost was down 17.2% to $3.13/m2 (compared to $3.78/m2 last year), while the median cost for Auckland CBD offices showed no movement, remaining at $4.78/m2.

The median insurance cost for Hamilton office buildings was $4.16/m2, while in Christchurch, insurance ranked as the third highest category, tracked at $5.36/m2.

« Property investors refocus on cash flowFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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