Colliers | Colliers Essentials Christchurch Office Report

Christchurch Office Report | Second Half 2019

There has been a sharp decline in CBD office development over the past year. The peak of development activity in 2015 of approximately 142,500 sqm is just 9,500 sqm in 2018.

Suburban relocations, internal CBD churn and smaller tenants leasing activity will erode tenant options despite an aggregate 20% vacancy rate.

Assisting tenant growth is the more accommodative net face rents available that typically range between $350 and $370 per sq m, or net effective rents of $280 and $320 after including incentives.

Investment demand will remain solid from locals, North Island and overseas purchasers, keeping yields firmly at current levels for the next 12 months.

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Mark Macauley

Investment Sales & General Manager

Christchurch (Agency)

+64 3 365 7887

+64 21 650 460

Mark is a high achieving investment broker specialising in investment sales and has negotiated in excess of $1.3 billion of sales both in Canterbury and throughout New Zealand. He has been instrumental in some of the biggest commercial property transactions in the South Island.

Mark’s extensive national network of institutional clients, family trusts and high net worth individuals are always seeking opportunities in the commercial property market. He is a partner and general manager of Colliers International in Christchurch and was previously managing director of CBRE locally for 12 years.

Recent major transactions include: the former Police Station at 68 St Asaph Street ($24.7m); Opus House, 12 Moorhouse Ave ($37.5m); Westpac, 7 Show Place ($14.5m); 282 Durham St (confidential); and 124-140 Kilmore Street ($25.2m).

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Brynn Burrows

Director of Commercial Leasing

Christchurch (Agency)

+64 21 375 917

Brynn heads our highly respected office leasing team in Christchurch.

He is the leading office leasing specialist in the South Island, working closely with landlords and tenants to provide strategic guidance. He has extensive market knowledge, gained over 14 years’ specialising in leasing.

Understanding the requirements of both stakeholders, Brynn assists landlords with bench marking deals and adds value to tenants by reviewing and refining their briefs.
He has successfully negotiated leases with a number of national and international brands and tenants including Duncan Cotterill, Nexia, PwC, and Chapman Tripp.

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