Sale of Office Buildings Still at Record Levels
The total value of office properties sold for $2 million and over in New Zealand was $1.05 billion in 2013 report Colliers International Research.
This is only marginally below the $1.07 billion figure in 2012 when strong purchaser inquiry for high value quantum premises in 2012 resulted in average values breaking through the $12 million level for the first time. “This was achieved again in 2013,” Colliers Research says.
Recent sales performance indicates the outlook for 2014 average office values will be high, albeit there may be some fluctuation given the trend over the last five years in comparison to the steady growth recorded between 1999 and 2006.
Colliers says multiple high-rise office towers are currently being brought to market for the first time in years. “Despite the high value quantum, we forecast that the aggregate value of New Zealand commercial sales in 2014 of $2 million and over will be on par with the aggregate $2.9 billion of commercial property sales achieved in 2013 rather than the $3.9 billion recorded in 2012.