Commercial & Industrial Market Overview - March 2021
After a relatively slow start to the year in terms of new listings march saw an uptick in the number of properties being offered to the market for lease; comparable to that of March 2020.
Likewise, March has seen an increase in the number of property listed for sale within Hamilton, up marginally on this time last year. There definitely looks to be a swing back in favor of deadline and auction sales methods.
Occupancy Survey research conducted by NAI Harcourts and CBRE shows an increase in vacancy for office space in the CBD. This now sits at 8.2% as December 2020. Likewise retail space vacancy levels also rose to 8.3%.In somewhat unprecedented is an increase in industrial vacancy levels to 1.3%.
For further information we recommend checking out the NAI Harcourts Linkedin page. Despite the increase in vacancy levels retail and industrial rental levels are increasing for the most part.
With the new government regulations surrounding tax deductibility on residential investments it will be of interest to see whether this translates to a further increase in demand for commercial and industrial premises, which many investors have indicated represent an more attractive investment option.