Hamilton city retail occupancy rising
Retail vacancy rates in central Hamilton are at the lowest in a decade, according to a new report.
NAI Harcourts managing director Mike Neale says Hamilton city's growth is the driving force.
The central business district (CBD) retail vacancy rate decreased from 8.2 per cent to 6.2 per cent in the six months to December 2016, according to the survey CBRE Research and NAI Harcourts.
It is the lowest it has been since 2005.
The amount of vacant space has decreased from 6800 square metres in June 2016 to 5100 sqm in December 2016.
Food retailing, which is cafes, restaurants and fast food, has the largest presence in the CBD at 20,000 sqm.
There has been a greater variety of food and beverage offering in the market too, according to the report.
Auckland retailers have been expanding into Hamilton during the second half of 2016, Neale said.
New tenants in a niche part of the Personal Retailing category are Vape Crew and Shosha, providing vaporisers and electronic cigarettes.
Their arrival further cements the trend toward retailer diversity that accelerated during the first half of 2016, Neale said.
Continued redevelopment of earthquake prone older building is slowly improving retail stock, however retailers are still looking to reposition themselves to higher profile locations.
The former Bed Bath & Beyond building which was demolished to make way for a new building for ASB Bank, for example.