North Shore Metro Office Report | First Half 2019

Colliers Essentials Auckland Metropolitan Office First Half 2019 1536x1040 1mb

Occupier demand remains buoyant with the prime vacancy rate for North Shore office space decreasing to 2.8% in March 2019, compared to 6.4% a year ago. Vacancy for secondary buildings increased marginally from 5.2% to 5.6%.

Development is underway on 55 Corinthian Drive, Albany that will add over 6,000sqm to North Shore’s total office supply. The development represents 1.6% of the total supply in the North Shore.

Competition for office space investments remain high. Average prime yields firmed by 20 basis points from 6.5% a year ago to 6.2% in June 2019.

Average net face prime rents increased by 3.6% from $278 per sqm a year ago to $288 per sqm in June 2019. New-build premises will often achieve rents above $400 per sqm.

Major infrastructure developments underway in the North Shore will provide strong fundamentals for occupier and investor demand. 

Office transaction activity increased by 40% from $129 million in 2017 to $181 million in 2018. Notable recent transactions include 33 Corinthian Drive, 62-64 Anzac Street and 5 the Warehouse Way. 


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North Shore Metro Office Report | First Half 2019

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Chris Dibble

Director | Research & Communications

Auckland CBD

Chris Dibble oversees the delivery of award-winning research reports, PR and Communications for Colliers International New Zealand. With over 13 years of experience and university qualifications in economics, geography, marketing and property, Chris has a  multi-disciplinary approach that assists a broad range of clients in their strategic decision making. Chris is a regular presenter and market commentator with an extensive network of media contacts to discuss the latest insights on current and future property trends. Chris also works with in-house and external writers to curate an audience-focused content delivery strategy for Colliers.

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Janet Marshall

Director | Manager Commercial

Auckland North

Janet is a Director and Manager Commercial Colliers North Shore located in Takapuna.  She was awarded Rookie of the Year in 2005, awarded Marketer of the Year in 2013 and promoted to Director in 2016.  Janet specialises in office and retail sales and leasing, and investment sales.  She is also an Executive on the Takapuna Beach Business Association (TBBA) and previously on the Board of the Business North Harbour business association.  Janet is a member of the North Harbour Club and and previously President of the Pinnacle Ski Club.   Her connections are extensive, and with over 17 years at Colliers International Janet is well respected within the industry.  Janet is passionate about commercial property and is one of the leading brokers on Auckland's North Shore.

See LinkedIn Profile at  https://www.linkedin.com/pub/janet-marshall/a/27a/a98

Janet's previous  transactions include:

Leasing includes:
Inland Revenue Department  |  Property Partners  |  Vision Accounting
Ministry of Education  |  Advanced Management Systems (AMS) |  McLaughlin Law 
Automobile Association | Straker Translations  |  Accordo Limited
Carter Holt Harvey  |  Goodwin Turner Commercial Lawyers  |  Smartpay NZ Ltd
New Zealand Institute of Education  |  Waitemata District Health Board  |  Invenco Group Limited
Kiwibank  |  Leading Edge Telecom  |  North Harbour Business Association
IMS Health  |  CCH NZ Ltd  |  Northern Health School 

Sales include:

2019 (Q1 and Q2):

  • 120 Wairau Road, Wairau Valley
  • Unit 6/39 Apollo Drive, Mairangi Bay
  • Unit B1, 34 Triton Drive, Mairangi Bay
  • Unit 1, 31 Northcroft Street, Takapuna
  • Unit 106F Bush Road, North Harbour
  • 8B, 331 Rosedale Road, North Harbour
  • 3 Milford Road, Milford
  • D4, 14-22 Triton Drive, Mairangi Bay

Previous Notable Sales:

2-4 Fred Thomas Drive (60M) | Todd Park ($33M)  |  38B William Pickering, North Harbour  |  B2, 34 Triton Drive, Mairangi Bay                                                                          
The Hub, Whakatane ($24M)  |  1A Nile Road, Milford  |  14, 100 Don McKinnon Drive, Albany
Walton Plaza, Whangarei ($13M)  |   B3 and B4, 17 Corinthian Drive, Albany  |  Unit 9, 100 Don McKinnon Drive, Albany
Bunnings, Whakatane  |  A1, 75 Corinthian Drive, Albany  |  B3, 210 Dairy Flat Highway, Albany 
104 Rosedale Road, Mairangi Bay  |  B4, 210 Dairy Flat Highway, Albany  |  D3 and D4, 14-22 Triton Drive, Mairangi Bay
11 Apollo Drive, Mairangi Bay|  K, 39 Apollo Drive, Mairangi Bay  |  40C Triton Drive, Mairangi Bay
51 Hurstmere Road, Takapuna  |  3A Tarndale Grove, North Harbour  |  G, 4 Antares Place, Mairangi Bay
2A and 2B, 331 Rosedale Road  |  B8, 210 Dairy Flat Highway, Albany  |  27-31 Park Road, Grafton
46A-D Constellation Drive. Mairangi Bay  |  B3 and B4, 72 Apollo Drive, Mairangi Bay  |  4B Argus Place, Wairau                     
B3, 63 Apollo Drive  |  D2, 63 Apollo Drive, Mairangi Bay  |  450 Glenfield Road, Glenfield

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