OFFICE SPACE FOR LEASE · 2021
1
CHRISTCHURCH
Why Christchurch’s strong office sector continues to defy expectations
CBRE (Agency) Limited, Licensed Real Estate Agent (REAA 2008)
20 exceptional office spaces available for lease
Top: 14 Show Place Bottom Left: 99 Cashel Street Bottom Right: 2 Hazeldean Road
EXCLUSIVE AGENTS
SUBURBAN TURN-KEY 14 SHOW PLACE, ADDINGTON
AVA IL A B L E F OR L E A SE
Show Place is a quality, campus style, office park strategically located in Addington, next door to the raceway and Orange Theory Stadium. The building offers a significant fitout with energy efficient HVAC and lighting systems.
Ground Floor
1,145sqm
Available now
Level 1
1,207sqm
Available now
Key features include:
Level 2
1,207sqm
Available now
• • • •
LEVEL
130 car parks Signage/naming rights 80% NBS 5 star NABERSNZ energy rating
View Listing 1
AREA
AVAILABILITY
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
A STRONG CHRISTCHURCH OFFICE SECTOR
defies expectations
2
Christchurch was already experiencing strong office demand with vacancy on a downward trend since late 2018 as the post-earthquake rebuild supply cycle had run its course. Surprisingly with the onset of Covid, Christchurch continued to remain resilient throughout 2020 with vacancy trends on par with pre-earthquake levels.
H1 2021 continued this strong trend with high levels of office sector demand showing an increase of 12,000sqm of new leases by June 2021 compared to December 2020 in the CBD office market.
decrease in Prime vacancy is not a result of occupier ‘churn’ within the CBD, with demand being driven by occupiers from fringe and suburban locations rather than firms upcycling from secondary level properties.
Tim Rookes, Managing Director CBRE Christchurch, says: “This increase in demand has come from professional service firms and the information, media and telecommunications sector. The Christchurch office market has been surprisingly resilient with Prime CBD office vacancy down to 6.6% - reiterating the robustness of the Christchurch office market and showing the occupier demand for office space in Christchurch remains high. Importantly, this
“On the flip side, investors are seeing healthy liquidity in the office sector especially with our positive economic conditions and occupancy trends. Quality properties with long leases and strong tenant covenants are being actively sought after by investors and are attracting strong competition in the bidding process from local and offshore parties.”
Christchurch CBD Office Vacancy 50,000
18%
45,000
16%
40,000
14%
30,000 25,000 20,000 15,000
10% 8% 6% 4%
10,000
CBD Vacant Stock
2020
June2021 2021
2019
2018
2017
2016
2015
2014
2013
2012
0%
2011
2%
0 2010
5,000 2009
Sqm
12%
Earthquake Period
35,000
CBD Vacancy Rate
3
The high levels of leasing activity and the magnitude of the vacancy reduction in the first half of the year has led to a significant improvement in market sentiment and the flow on effect is CBD office rents. Zoltan Moricz, Executive Director, Head of Research for CBRE NZ says, “Most landlords are seeing positive occupier interest and believe the vacant office space will be leased sooner rather than later, which in turn means that rental expectations have lifted.
CBD Prime Office Net Rents
Value at June 2021
Lower face
Upper face
Indicative face
Indicative effective
$320
$383
$358
$317
Value at Dec 2020
$280
$380
$332
$254
Six month change
14.3%
0.8%
5.5%
22.3%
Annual change
14.3%
0.8%
5.5%
26.7%
“This has resulted in increasing face rents and decreasing leasing incentives. We’re seeing the biggest changes occurring at the lower end of the rental range where the bargains that were available six months ago are no longer there. The low end of the Prime CBD office rental range has lifted from $280/ sqm to $320/sqm and average Prime CBD office rents have lifted to $358/ sqm in the past six months.
Moricz adds that it is worth noting despite the post-earthquake rebuild, the CBD office market continues to be about 25% smaller than preearthquake compared to the city’s economy which is 27% larger than it was in 2011. “This mismatch will likely be rectified by new development sooner than most people expect and we believe that rents will rise to support what’s required to enable new buildings to be built.”
“Landlords are becoming less willing to offer the level of leasing incentives that were seen and expected over the last few years. The percentage of face rent offered as a leasing incentive are now shrinking quite significantly and this will impact occupiers’ bottom line.”
Though Auckland and Wellington office markets also have a positive story and displayed recovery in 2021, the underlying robustness of Christchurch is hard to replicate.
4
After a busy 2020 of new supply into the Auckland office sector, the first six months of 2021 saw no new supply come onto the market.
Auckland CBD Office Vacancy 14%
200,000 180,000
12%
160,000 Sqm
120,000
8%
100,000 6%
80,000 60,000
4%
40,000 2%
20,000
Vacant Space (sqm)
Jun 21
Dec 20
Jun 20
Dec 19
Jun 19
Dec 18
Jun 18
Dec 17
Jun 17
Dec 16
0% Jun 16
0
Vacancy (%)
Wellington CBD Office Vacancy 200,000
14%
180,000
12%
160,000 10%
140,000 120,000
8%
100,000 6%
80,000 60,000
4%
40,000 2%
20,000 0
Vacant Space (sqm)
Secondly, newly completed space is being brought to market that is uncommitted and the backfill vacancy is affecting the overall sector. In H1, four refurbished projects, 97 The Terrace, 10 Brandon Street and 45 & 49 Courtenay Place were reintroduced to the market bringing 6,579sqm of new vacant space and specifically contributing to vacancy rates in Grade A and C. Supported by what should be a strong underlying economy, the future is looking rosier for landlords and investors, as new and large office requirements and the continued vacancy improvements bode well for rental growth during the next couple of years.
5
Jun 21
Dec 20
Jun 20
Dec 19
Jun 19
Dec 18
Jun 18
Dec 17
Jun 17
Dec 16
0% Jun 16
The Wellington office market has been bouncing back in 2021. However, two factors are worth noting; Firstly, decrease in supply through sublease vacant stock either being withdrawn from the market or leased and the likes of 80 Boulcott Street being removed from the leasing market as it undergoes refurbishment in November 2021 removing 8,791sqm of vacancy.
10%
140,000
Sqm
CBD office demand has predominantly been a flight to quality from the secondary grade office market. This has seen decreasing Prime grade vacancies but has resulted in increasing Secondary grade vacancies with the total Auckland CBD office vacancy increasing to 12.9% in June 2021.
Vacancy (%)
Moricz says, “The strength of the post-Covid bounce back is significantly greater than the postGFC bounce back for GDP growth. As a result, contrary to what many market commentators have been expecting, employment and office demand growth is likely.” Rookes adds, “The Christchurch office sector continues to be positive. We have strong office demand which will build momentum to support new development within the city and deliver the quality office sector that Christchurch is known for.”
MANAWA MANOR 272 ANTIGUA STREET, CITY CENTRE Level 7 of the recently completed HREF building is the last available floor. Great views of the city, park and Port Hills and excellent natural light. The floor can be split to suit one single or multiple occupiers. Key features include: • • • • • •
Health precinct Fantastic views IL3 building North facing balcony Motivated landlord A-grade amenities
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
7
725-1,450sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
EXCLUSIVE AGENTS
View Listing
VALUE AND QUALITY 112 CASHEL STREET, CITY CENTRE Located in the heart of the city on Cashel Street, this office building offers those smaller office tenants their own presence and profile in the CBD. There is ample parking options nearby, and also A-grade amenities in the immediate area. Key features include: • • • •
Turn-key fitout options Nearby parking Modern flare Motivated landlord
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
3
151sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 6
SPARK SQUARE 2 CATHEDRAL SQUARE, CITY CENTRE A brand new five-level office and retail building with a striking presence over Cathedral Square. The energy efficient doubleskinned glazed façade contributes to its 5 Green Star rating. There are office and retail tenancies available and secure basement car parking accessible from Hereford Street. Key features include: • • • •
Excellent profile Exclusive lift Base isolated Basement parking
AVAIL ABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
Ground floor (retail)
45sqm – 250sqm
Available now
Level 4 (office or retail)
605sqm
Available now
Adam Wallis
Mitchell Wallace
Ashley Hopewell
027 695 9989 027 664 4773 022 317 4254 adam.wallis@cbre.co.nz mitchell.wallace@cbre.co.nz ashley.hopewell@cbre.co.nz
View Listing
TRIPLE TWO HIGH 222 HIGH STREET, CITY CENTRE Level 1 provides a great outlook to the daily activity and tram movements, while level 4 offers a peaceful workspace with views of the Port Hills and a generous balcony. Key features include: • • • • •
Prime location and profile Ample parking A-grade amenities Landlord incentive Brand new building
AVAIL ABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
1
188sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 7
PRESTIGIOUS PORSCHE 264 ANTIGUA STREET, CITY CENTRE The Porsche Building is one of the most impressive new builds in Christchurch, which offers a tenant large unique spaces. Key features include: • • • • • •
24 on-site car parks Easy access Health precinct Landlord incentive Price by negotiation A-grade facilities
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
2
1,378sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing
STRIKING PRESENCE 161 CASHEL STREET, CITY CENTRE Only one floor remains available for lease in the spectacular Grand Central building on Cashel Street. For a large tenant looking to position themselves in the CBD, there are very few options left and this is a standout. Level 6 boasts a large open plan floorplate with stunner southern views of the Port Hills. Key features include: • • • • •
Naming and signage rights On-site parking A-grade amenities Six level atrium Unparalleled views
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
6
1,075-2,150sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 8
CBD FOR $185 PER SQM 99 CASHEL STREET, CITY CENTRE
AVA IL A B L E F OR L E A SE
830sqm and signage rights in the middle of the Christchurch CBD for an exceptionally competitive price. Perfectly suitable for both office and education use.
LEVEL
AREA
AVAILABILITY
Level 1
830sqm
Available Now
Key features include: • • • • •
Great signage Extensive fitout Lift access 84% NBS Car parking nearby
View Listing 9
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
PROFILE AND LOCATION 77 HEREFORD STREET, CITY CENTRE The building has recently been refurbished to an excellent standard and is offered to the market at an affordable price. Key features include: • • • • •
Parking on-site and nearby Quality existing fitouts River views 67% NBS Affordable price tag
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
1
324sqm
Available Now
2
324sqm
Available Now
3
324sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing
MAKE A STATEMENT 376 MONTREAL STREET, CITY CENTRE This building is an architectural gem and offers everything from naming and signage rights to exciting fitout options. Key features include: • • • • •
Naming and signage rights On-site parking 4 Green Star rating Enormous profile Landlord will beat market
AVAIL ABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
2
550sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 10
CATHEDRAL VIEWS 158 GLOUCESTER STREET, CITY CENTRE
AVA IL A B L E F OR L E A SE
The building is located in a desirable area of the Christchurch CBD with cafés, restaurants, entertainment and retail directly outside its doors.
LEVEL
Key features include: • • • • •
Modern fitout Secure on-site parking 85% NBS Gross lease terms End of trip facilities
View Listing 11
AREA
AVAILABILITY
Ground Level
308sqm
Available by Negotiation
Level 6
742sqm
Available by Negotiation
Level 7
483sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
VALUE FOR MONEY 31 DUNDAS STREET, CITY CENTRE Available for immediate occupation is this modern, city fringe office building located on Dundas Street. The first floor tenancy provides a north-facing aspect with great natural light along with a quality existing fitout. The fitout comprises of a reception, two meeting rooms, kitchen and a large open plan layout. Key features include: • • • • •
10 on-site car parks Extensive fitout Signage available 100% NBS Quite location
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
1
270sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing
CAMPUS IS CALLING 10 SHOW PLACE, ADDINGTON 10 Show Place, part of the Show Place business park, offers postquake office accommodation that is well fitted to suit open plan, collaborative work environments. Flexible floorplates can be split to suit a smaller requirement. Key features include: • • • •
Approximately 60 car parks 100% NBS Signage/naming rights Existing fitout with lift access
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
Level 1
800sqm
Available now
Level 2
800sqm
Available now
Level 3
400sqm
Available now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 12
ANTHONY HARPER TOWER 62 WORCESTER BOULEVARD, CITY CENTRE
AVA IL A B L E F OR L E A SE
High quality office accommodation with a two-storey entrance lobby, ground floor café, basement car parking and provides excellent views of the city and Southern Alps. Three high-speed lifts service the iconic 11-storey tower.
Level 4
595sqm
Available Now
Level 5
595sqm
Available Oct 21
Key features include:
Level 6
162sqm
Available Oct 21
• • • •
LEVEL
83% NBS Basement parking 5 Green Star rating Efficient floorplates
View Listing 13
AREA
AVAILABILITY
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
CONTEMPORARY DESIGN 134 VICTORIA STREET, CITY CENTRE Fantastic first-floor office accommodation with a touch of creative flair. A very spacious kitchen, ideal for socialising, open plan areas with great natural light, and multiple meeting rooms complete the turn-key offering. Parking available on-site and nearby. Key features include: • • • • •
Five car parks 150% NBS Extensive fitout Lift access Secure access
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
1
290sqm
November 2021
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing
COMMERCIAL FLAIR 335 LINCOLN ROAD, ADDINGTON 335 Lincoln Road offers exceptional suburban office accommodation with plenty of profile and on-site parking. The eastern building provides an open plan working environment with multiple meeting rooms and a spacious kitchen. There is excellent amenity in the immediate area including Hagley Park. Key features include: • • • • •
Secure car parking Extensive fitout A-grade amenities Vibrant location Great natural light
AVAIL ABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
Level 1
582sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 14
FLEXIBLE OPTIONS WITH PANORAMIC VIEWS 7 WINSTON AVENUE, PAPANUI
AVA IL A B L E F OR L E A SE
A five level high-profile office building located in Papanui. The building is completely refurbished and has great natural light. Options from 100sqm – 2,000sqm are available with rent from $245/sqm.
Level 1
100sqm to 530sqm
Available Now
Level 2
430sqm
Available Jan 22
Key features include:
Level 3
855sqm
Available Jan 22
Level 4
100sqm to 430sqm
Available Now
• • • •
LEVEL
Fully refurbished and 100% NBS On-site café, gym and pilates centre Ample on-site parking Fitout and rent free incentive
View Listing 15
AREA
AVAILABILITY
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
MODERN OFFICE 5 SIR WILLIAM PICKERING DRIVE, BURNSIDE A modern building located in the heart of Christchurch’s popular and established Technology Park. The space utilises an existing fitout and is very affordable. The office suite available is 1,192sqm and is located on the top floor alongside quality tenants. Key features include: • • • •
Modern existing fitout 43 car parks with additional available on-site Close proximity to Christchurch International Airport Signage rights available
AVAIL ABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
1
1,192sqm
October 2021
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing
CBD DOORSTEP 579 COLOMBO STREET, CITY CENTRE Two first-floor office tenancies which can remain separate or combined to make 526sqm. Both spaces are open plan with a shared bathroom, while the north-facing tenancy has a large balcony. Good branding opportunities and ample parking options also. Key features include: • • • •
100% NBS Ample parking Signage Lift access
AVAILABLE F OR LE ASE LEVEL
AREA
AVAILABILITY
Level 1
360sqm
Available Now
Level 1
166sqm
Available Now
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
View Listing 16
STUNNING BUSINESS PARK OPPORTUNITY 2 HAZELDEAN ROAD, ADDINGTON
AVA IL A B L E F OR L E A SE
This is a great opportunity to secure an exceptional office tenancy in the sought after Hazeldean Business Park.
LEVEL
AREA
AVAILABILITY
3
930sqm
Available Now
Key features include: • • • • • •
Various on-site amenities Exceptional fitout 100% NBS Ample on-site parking Motivated landlord High-profile signage
View Listing 17
Adam Wallis
Mitchell Wallace
027 695 9989 adam.wallis@cbre.co.nz
027 664 4773 mitchell.wallace@cbre.co.nz
TO FIND A WORKSPACE YOU’LL LOVE, CONTACT ONE OF OUR CHRISTCHURCH OFFICE LEASING SPECIALISTS
Tim Rookes
Adam Wallis
Mitchell Wallace
Managing Director
Senior Negotiator
Senior Negotiator
027 562 3700
027 695 9989
027 664 4773
tim.rookes@cbre.co.nz
adam.wallis@cbre.co.nz
mitchell.wallace@cbre.co.nz
Visit us online www.cbre.co.nz/workspace-christchurch
The information in this document is general in nature and is a guide only. It does not take into account your individual circumstances. Before acting you should check the accuracy of the information and seek your own independent financial and legal advice. The information must not be relied upon to make any investment decisions. The principal and its agent will not be liable for your failure to verify the information or seek appropriate advice. CBRE (Agency) Limited, Licensed Real Estate Agent (REAA 2008)