Around the block: Grim prediction for CBD

Auckland CBD vacancy rates are likely to increase to levels not experienced since the mid 1990s, says the latest Darroch Research DTZ survey. The survey shows that the overall CBD office vacancy rate increased by 1.6 percentage points to 13.3 per cent in the six months to March.

The survey predicts that vacancies will continue to increase over the next two years due to the impact of the recession on the demand for office space, combined with the completion of a number of office buildings currently under construction. The largest increase in vacancy rates were experienced in A-grade building stock, up from 12 per cent to 14.7 per cent.

Harcourts: Born in the USA

Harcourts real estate group has achieved two milestones by exceeding $20 billion in written sales in the past financial year and by entering the United States market via a joint venture with a California company.

The firm's international managing director, Mike Green, says Harcourts now has more than 630 offices in nine countries staffed with over 4000 sales consultants.

Completed sales totalling $20.4 billion were achieved in the year ended March 31. Green did not reveal the name of Harcourt's US partner but said the joint venture deal was "with a 23 office, 700 sales person Californian-based real estate group".

He said details of some additional major offshore ventures would be announced once the final contracts were signed.

Orewa shop

Unit 1 comprising a 79sq m shop in a corner position within the 10-unit Westpac Plaza retail complex at 4 Moana Avenue, in central Orewa, has been sold prior to auction for $423,888 at a 7.7 per cent yield after being marketed by Richard White of Bayleys Auckland and Mustan Basgara of Bayleys Orewa. The building is leased to Jill Harden, a health food shop, until 2012 with three four-year rights of renewal.