Wellington Retail Report | First Half 2019

Colliers Essentials Wellington Retail Report First Half 2019

Highlighting a strong end to the year, Wellington region experienced a 16% uplift in retail spending between the 3Q18 and 4Q18 quarters. On an annual basis spending was up 3.7%.

Wellington CBD average prime gross face retail rents edged up slightly to $1,320 per sqm from $1,318 in Dec 2017. The highest increase was in Lambton Quay where average rents increased by 9.0% over the past year.

Tight retailer conditions are forecast to continue due to a reduction in the overall vacancy rate and a modest increase in total supply over the next few years. NZ owned Bargain Chemist have just leased space in Manners Street, which will assist reduce vacancy in the next half-yearly survey.

Investors are confident, but cautious. Average retail yields for CBD prime and bulk retail sectors firmed by 93 basis points and 57 basis points respectively over the past year, while the average yield for regional centres softened by 164 basis points.

Willis Bond’s redevelopment on the former Farmers building is underway and will be home to seven ground floor retailers totalling 2,250sqm with completion expected in Q1 2020. 


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Wellington Retail Report | First Half 2019

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Chris Dibble

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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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Ty has earned a number of coveted awards over the years and is one of the most quoted retail brokers in the media on industry trends, retail insights and new retail developments. 

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Contact Ty today for all your retail premises requirements and expert advise on the  Wellington retail market.

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Richard Findlay

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