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Trends emerge from the vacancy rate figures for commercial property on the Hibiscus Coast. Source: Barfoot & Thompson Commercial, Whangaparaoa.
The ups and downs in vacancy rates over a period of years are a useful indicator of how the market is developing for commercial property in the area.
These graphs, provided by Barfoot & Thompson’s commercial division, show the trends since 2010 for Whangaparaoa, Silverdale and Orewa.
Even though there has been an increase in the number of industrial buildings constructed in Silverdale over the last six years, the vacancy rate there has declined. This reflects the high demand for industrial units in Silverdale.
Commercial agent Barry Masefield says Barfoots is concerned about the lack of industrial land available for development locally, which he says could result in more people commuting into the city.
The high vacancy rate for office space is, he says, partly due to the impact of modern technology on the way we work.
“More people seem to be able to run their businesses on the move eliminating the need for, and cost of office space,” he says. “There are also far fewer offices so the percentage will be skewed higher in our vacancy survey.”
