Counting on Kiwis to be that much cheaper

Kiwi offices are some of the cheapest to rent in the world - a positive rather than a negative, says Scott Gray-Spencer, head of CB Richard Ellis for New Zealand.

Top prices being paid in Auckland's heart are about $455 a square metre ($42.20 a square foot) for the best floors of the Vero Centre and the almost-completed Lumley Centre, both in Shortland St, and the PricewaterhouseCoopers Tower on the waterfront.

"That's a combination of prices being paid in those buildings," Gray-Spencer said.

But those prices were net rather than gross, and tenants would pay a further $100 to $120 a square metre for outgoings.

"This is a good thing for business because less than 5 per cent of total revenue is spent on occupancy costs," Gray-Spencer said.

Many businesses spent 50 to 60 per cent of revenue on salaries and wages, so rents were a relatively minor component of their costs.

Some new buildings around Auckland's Viaduct Harbour were cheaper than in the downtown area, being rented for around $300 to $350 a square metre.