Value of commercial property sales lowest in a decade: Westpac

Employers are seeking higher quality offices to attract staff back to the workplace. (Image: Dean Purcell)

Mon, 09 Dec 2024

The value of New Zealand commercial property has fallen 10% since the 2021 peak, after the sharp interest rate rises and weak economic activity of the past few years, Westpac says.The number of commercial property transactions has also fallen, with the value of sales dropping below $6 billion in the year to June.This was the lowest in more than a decade and well below the $10b per annum seen in years before the pandemic, Westpac Economics said in its latest Australia and New Zealand report.Conditions in commercial property were expected to firm...

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