Vacancy

Through this survey period Hamilton’s industrial vacancy increased from 0.9% in December 2021 to 1.2% at the end of 2022, with the bulk of the increase being driven by a few larger vacancies across the monitored suburbs.

The most noticeable change in vacancy was recorded in Te Rapa North where vacancy increased from 0.2% to 1.0% in the twelve months to December 2022. The single biggest contributor to this increase was the completion of a large warehouse at 12-16 Earthmover Crescent, half of which remained untenanted at the end of 2022.

Although the number of available units in Frankton fell from 18 to 12, vacancy grew slightly to 2.3%, as a result of several larger facilities becoming available for lease. Newly vacant 12-14 Charlies Way and 18 King Street (previously Ikon Commercial and HDC Flow Technology respectively) contributed roughly 4,800sqm to the vacancy increase, about a third of the total vacant stock in Frankton.

Vacancy remained stable at 1.5% at the Airport Precinct, representing only 3 available units, of which only one is newly vacant.

In terms of quality, the number of vacant options rose in all quality segments, with Grade A recording three new vacancies, increasing the total vacancy rate from 0.1% to 0.4%. Grade B vacancy increased to 1.1%, representing about 7,800sqm of available space. Grade C and D both recorded a moderate increase as vacancy rose to 2.7% and 0.2% respectively.