The value of New Zealand investment buildings sold last year was back to pre-global financial crash levels.
Justin Kean, research and consultancy director at Jones Lang LaSalle in Auckland, said the commercial property market saw a big uplift in the volume of sales with more than $2 billion transactions last year. Offices were the biggest contributor, making up 42 per cent of the deals and totalling more than $1.1 billion for the year, compared to $427 million for 2012, Kean said.
Some of the biggest commercial sales were 1 Queen St on the waterfront sold for $103 million, 73 Remuera Rd in Newmarket sold by Manson TCLM for $100 million and the $92.6 million sale of 125 Fanshawe St for Fonterra's new headquarters, bought by Goodman Property Trust.
"The figures show that we are currently moving into a new stage in the market cycle," Kean said.
" With vacancy continuing to fall across most office stock purchasers believe that this is likely to manifest in upward rental pressure."
Industrial buildings worth $386 million were sold, the largest since 2009, making up 25 per cent of the sales volume. Deals included Cardinal Logistics, VIP Plastic Packaging and Tegel Foods, he said.