Kiwi Income sees Wellington commercial property market subdued for next 4 years

Mon, 06 Aug 2012

By Hannah Lynch Aug. 7 (BusinessDesk) - Wellington's commercial property market is forecast to remain subdued for the next four years, according to Kiwi Income Property Trust. The capital's core central business district vacancy rate currently stands at 11.6 percent. The property investor forecasts the rate to remain above 11 percent until 2016. That's compared with Auckland where the vacancy rate is 14 percent and is forecast to decline to less than 10 percent over the next four years. "The net rental outlook in Wellington is not helped b...

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