Technology and public sectors drive growth in prime office space demand

Prime, high quality office space in Auckland is back in demand as more companies bring staff back to the central business district.

Commercial real estate firm CBRE New Zealand said the popularity of hybrid working space was having less of an effect on the overall demand for quality office space than previously thought, with many companies expanding their office, in addition to new entrants..

“High quality workplaces can help bring employees back to the office, attract new talent, improve company culture and community, and increase sustainability credentials,” CBRE executive director Zoltan Moricz said.

CBRE associate director Gergely Gaspardy said technology and public sectors were the main contributors to the growth, while the largest losses were recorded among media, telecom and professional services businesses.

The market was expecting demand for premium office space to shrink with an increased number of people choosing to work from home, Gaspardy said.

However, he said there had been an overall increase in demand, with expansion offsetting contraction.

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