NZ cities top rent growth table
A new survey by commercial property specialist JLL has ranked two New Zealand cities in the top ten internationally for fastest-growing office rents.
Wednesday, December 17th 2014, 12:00AM
by The Landlord
JLL tracks 300 cities that are predicted to account for the bulk of economic and commercial real estate activity over the next decade. The cities which make up JLL’s latest Global300 account for more than one-third of the world’s economy, along with nearly three-quarters of global real estate investment and 80% of the world’s prime office stock.
Wellington ranked fourth for the fastest-growing office rents with an 11% growth from Q3 2013 to Q3 2014.
Dublin was in first place, with 28% year-on-year growth. Singapore was second with 19% and Lyon third with 11% year-on-year growth.
Auckland came in at 10th place with rental growth of 8%, behind Houston, Jeddah, Taipei, Boston and San Francisco.
National director of research and consulting for JLL NZ Justin Kean said: “These mature office markets globally have experienced limited rental growth due to the ongoing effects of the global financial crisis. The New Zealand market however has clearly responded to economic conditions indicating we are ahead of the curve when compared to global competitors amongst the Global300.”
Auckland was praised by JLL for looking at its advantages and disadvantages, such as a low GDP compared to European centres, high relocation risk and a lack of business brand.
But Auckland Council had started to tackle that with a new strategy that increased the city's openness to investment.
"This is one example of how business measurement of talent and corporate needs provide momentum for cities to restructure and re-galvanise," JLL's report said.
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