Office rentals hit a high as new buildings come on line

Developments like One Queen St will push up office rentals, putting pressure on secondary yields. (Image: Precinct)

Mon, 26 Jun 2023

Auckland's premium office rental market breached $800 per square metre for the first time during the past quarter, as tenants upgraded into higher-value newer buildings in the city.Brokers expect price hikes – particularly at the top end of the market – to be a theme over the coming years, after a host of new office developments and tight vacancies, which are expected to see rentals pushed up by another 3.5% by the end of the year.Gavin Read, head of research at Jones Lang LaSalle (JLL), said some of that was being driven by net...

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