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Ongoing tenant demand for industrial property has kept vacancy rates at historically low levels in Auckland, despite higher interest rates, a cooling economy and increased development activity.
Auckland’s industrial vacancy rate was recorded at 1.9% by Colliers Research in its latest February 2023 survey, virtually unchanged from the August 2022 figure of 1.8%.
Vacancy across the region’s major industrial precincts has been below 2.5% since February 2015.
Meanwhile, industrial property investors have become more cautious about the market in recent months due to rapidly rising interest rates and forecasts of an economic recession.
As a result, sales volumes have declined from the elevated levels seen in 2020 and 2021.
