Auckland CBD retail rents have jumped 12.4 per cent in the third quarter of 2015.
Auckland houses are not the only property prices rising, with retail rents in the city’s CBD reaching unprecedented heights.
A new wave of luxury brands including Top Shop are being blamed for a rise of 12.4 per cent in the third quarter of this year.
The research, released by commercial real estate company CBRE, revealed the jump to $3400 per square metre a year for Queen St was the highest rise since 2008.
Auckland’s CBD will be inundated with building projects in the next few years, with motorists warned to avoid driving in the central city.
Work on the City Rail Link, a new convention centre and numerous apartment towers and offices are already underway or scheduled to begin next year.
The CBRE report follows the release of Colliers’ 2015 New Zealand Retail Report, which highlighted massive demand for retail in Auckland.