Wellington's commercial property

PHOTO: SUPPLIED Pastoral House at its 92-100 Lambton Quay frontage. The building has just sold for $77m to Oyster Property Holdings.

How well is Wellington’s commercial property market placed to handle the economic fallout of Covid-19?

According to commercial property experts – quite well.

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A high proportion of government tenants has lent some stability to the rent market and the city’s recent price growth in other types of property also lends it some strength.

Century 21 New Zealand co-owner Derryn Mayne said in recent years Wellington’s commercial property sector has enjoyed low vacancy rates and strong demand for buildings.

“A couple of contributing factors aiding Wellington include an overall shortage of office space following some demolitions after the 2016 Kaikoura earthquake,” she said.