There’s a Pandora’s box of opportunity in the market today and Bayleys’ office leasing team is across it.

Bayleys has a finger on the office sector’s pulse – across surplus space available for sublease, fully-fitted space including complete and partial floors in existing buildings, turn-key suites, plus new-build stock coming on stream. Through a strategically guided process, Bayleys aligns landlords and tenants in lease partnerships around Auckland's prime areas.

Well-spec’d and pivotally-located 1,000sqm-plus sublease space, generally exited by big corporates adopting new ways of working, is providing real choice for occupiers and competitive deals will be done.

Corporates continue to right-size their physical office requirements, becoming more efficient with their footprints while navigating the “new norm”, a process that takes time. A runway of many years is necessary to ensure all options are considered, including new builds. The comprehensive process entails a full understanding of needs and encompasses a detailed market review, evaluation, financial analysis, and negotiation to settle on the preferred solution.

Right-sizing physical office space is not a distress call – it’s prudent. Large occupiers are proactively managing the space they occupy to be more environmentally, socially and financially sustainable to provide better amenity to attract and retain the best staff, and to meet stakeholder goals.

Small to medium-sized businesses are actively looking for better quality space and because they’re nimble, can jump when an optimal opportunity emerges, while those occupying 500-1,000sqm are holding back due to the economic climate, opting to wait for conditions to improve before committing to a move.

Certain sectors, such as IT, have downsized significantly and redefined their office requirements. Conversely, businesses focused on sales, medical services, and the private education sector, are actively exploring the market and pursuing new opportunities. This is reinvigorating parts of Auckland’s CBD with vacant premises in the likes of mid-upper Queen Street being snapped up.

Bayleys is proactive in communicating with landlords and occupiers, serving as effective matchmakers to facilitate deals throughout the key Auckland precincts. We put a knowledgeable and savvy broker lens over the office sector and stay abreast of inventory and opportunity.

“You can’t know what you don’t know” and occupiers are not fully aware of the market and what deals are available. Despite our commitment to savvy marketing, not all available office space makes it to the open market due to business sensitivity or because work space needs haven’t yet been finalised.

In the western frame of the Auckland CBD alone, our informed estimate currently suggests there will be more than 83,000sqm of office space available by the end of 2025, comprising direct space that would organically be in the market, sublease opportunities and new-build stock.

Are there good deals to be done? Absolutely – yes!

Even with advertised office space, prospective occupiers are not privy to the terms and conditions that typically can only be disclosed once we qualify genuine interest. Only then will you see what leverage is available on lease terms, rates, and incentives.

New-builds continue and the well-cited flight-to-quality remains. Look at Precinct Properties’ 124 Halsey Street project which is under construction for engineering and consulting firm BECA, and Mansons’ new 7-level twin-block project at 30 Daldy Street – both in the Wynyard Quarter – to see how the dial is moving on premium office stock.

Precinct is also proposing a mixed-use development including office on the Downtown Carpark site, there’s a new office building likely within the Britomart precinct, a commercial development is planned for Lower Albert Street and a mixed-use office and residential development mid-town. Further afield, several office developments are in the works or earmarked for Manukau, Newmarket and the Southern Corridor, including Stage 2 of Marewa Road, Central Park, and Sylvia Park.

Bayleys’ office leasing team possesses extensive market intel to support occupiers in making strategic decisions regarding their office requirements – so let’s talk.

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