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Commercial Property Market Recovery Remains Sluggish
Commercial Property Market Recovery Remains Sluggish
Please see attached the latest Property Council/IPD Property Index, which shows the commercial property market recovery remains sluggish. The September quarter index recorded a positive total return of 6.7%, consisting of a positive 8.3% income return and negative 1.4% capital return – reflecting relatively adverse capital market conditions and an unfavourable market climate.
Property Council Chief Executive Connal Townsend said the results would come as no surprise to the industry. “The index reflects both global trends and New Zealand’s sluggish economic environment. We don’t expect to see faster growth in the short to medium term, but the market is likely to continue with some sectors performing better than others.”
The index now covers assets worth $10 billion and almost three-quarters of the New Zealand commercial property market. Please see the attached release on behalf of IPD for more information.
View Full Report PDF File
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