The tight industrial space availability in Auckland continued through April 2022 with vacancy at an all-time low. The overall average vacancy for industrial property in Auckland dropped to less than 1% across all the industrial hubs.

The latest CPI figure came out in late April revealing annual inflation hit 6.9% in the March quarter. The CPI rose 1.8% in the March quarter compared to the December quarter. This is an all-time high and is the largest year on year increase unseen in nearly 32 years.

Off the back of inflation and low vacancy, we have also seen rental rates appreciate significantly, arguably 10% already this year in some cases - above CPI.