PRESS RELEASE - in the Invercargill Central Business District as at 1 July 2016
Note – Survey results are based on space available known to the researchers.
Retail space -
Retail vacancies within the CBD have decreased in the past six months from 8,217m² to 5,452m². This is partly due to the removal of the former H&J Smiths Outdoor store which is being renovated by HWR Property Group.
The number of vacant shops actually increased from 30 to 34 within the inner city.
Office Space -
With the chopping and changing of tenants during the renovation and completion of office space in the inner city in the past six months, the amount of space has stayed relatively the same with January 2016 recording 13,826m² and July 2016 13,816 m².
In addition obsolete office stock is at 6,063m² which means in total there is approx. 20,000m² of available office space in the city.
Showroom space in the Central Business District -
Showroom vacancies within the CBD have reduced in the past six months to approximately 5,761m².
Industrial space –
Industrial vacancies increased slightly from approximately 5,290m² in January 2016 to 5,810m² in July 2016. The majority of space available is situated in secondary - lower profile locations.
Increases in the number of retail shops as at 1 July 2016. Offices, showroom and industrial spaces remain steady.
There is a large amount of development activity occurring at present which will see the older stock become more obsolete and harder to lease.
Regan J Johns, B Com (VPM) ANZIV MPINZ
TelferYoung (Southland) Ltd
Research in association with Commercial Property Management Ltd