NAI Global’s latest Global Markets Report suggests that the US economy continues to make an anaemic recovery and the Asia Pacific property markets have inevitably been affected by the Euro Zone debt crisis.

“Beyond these headlines there was brighter news closer to home in the Australia and New Zealand markets,” said Chris Nicholl, Chief Executive Officer of commercial property group, NAI Harcourts.

“The rebuild in Christchurch has been estimated at NZ$30 billion, creating an economic stimulus in New Zealand, the likes of which have never been seen before”.

“The report notes that the tragic consequences of the earthquakes will lead to period of construction unheralded in proportion that gives rise to the prospect of up to ten years of new building,” Mr Nicholl said.

With the first of the new buildings now committed (the Harcourts / NAI Harcourts Grenadier Real Estate building) lender and occupier interest is growing.

Foreign capital has also recognised the opportunity. Both lenders and investors have understood the opportunity to lend against or acquire new stock in a market that will struggle to supply space on a timely basis for years into the future. New CBD office rates are tipped to exceed NZ$450 per square metre.

On another positive note, Mr Nicholl said that the Global report suggests that Perth continues to outperform all other Australian markets, particularly in the office and industrial sectors.

“Undoubtedly as a result of the resources sector buoyancy, the Perth commercial market is enjoying an unprecedented run of positive activity. Evidence of this can be seen in the CBD, in the high level of office pre-commitments enjoyed by new CBD stock.

“As rents reach AU$850 per square metre and vacancies remain steady steady, in fact trending down, there is an increasing expectation of further pressure being applied to the suburban markets. Speculative suburban office space under construction is already receiving strong enquiry and is expected to be substantially occupied on or about completion,” Mr Nicholl added.

NAI’s Global Markets Report covers over 200 property markets worldwide providing commentary, statics, trend and insights useful to all stakeholders of the commercial property market.