As reported in The Herald yesterday, overall vacancy across the city fringe precincts of College Hill, Grafton, Newton, Newmarket and Parnell stood at 10.5 per cent – down from the 2015 total of 13.7 per cent, according to the 2016 Bayleys Research office vacancy survey.
The greatest reduction in vacancy was recorded in a resurgent Parnell where the vacancy rate has fallen to below seven per cent for the first time since 2005.
A powerful local economy in Auckland’s city fringe areas has spurred business creation and expansion, driving increased demand for office space over the last year.
“Along with limited new supply, the increased business impetus has resulted in a reduction in vacancy to their lowest levels since 2009 across these precincts,” said Ian Little, Manager Property Research Division for Bayleys.
