Commercial vacancy rates

Why is this important?

Vacancy rates are an indicator of economic performance. Low vacancy levels mean that businesses are expanding or being created. High vacancy rates can mean that economic conditions are difficult, with lowered retail spend, or that there is an oversupply of floorspace.

Key points

• In 2017 there was approximately 167,000 square metres of retail space in the Christchurch central city (including the South Frame and Victoria St).
• Vacant retail space comprised 18,187 sqm (12%), with 149,449 sqm in use.

 

Note this is an interactive chart and you can click on the legend items to change what is shown on the graph.

Commentary

Over the past few years as Christchurch has been rebuilt (post the earthquakes of 2010-11), the amount of retail space in the CBD has been growing. In December 2014 there was 97,990 sqm of retail space in total with 2,800 sqm vacant. By December 2017 there was an additional 69,646 sqm of retail space, but the proportion of retail space had also grown to 12%. Food, beverage and fashion retailers have moved into most of the new space.