Invercargill counts cost of fringe shopping
Thayer Todd Valuations in Invercargill reports vacancies in more than 40 shops in the central city.
This equates to about 7177m2 of space. Dee St and Esk St are most affected.
In common with many smaller regional centres, developments on the fringes of the traditional central business district have become more popular for all the obvious reasons – free car parking, ease of access, and more modern spaces. Thayer Todd’s latest vacancy survey finds the vacant space at its highest since 2003.
Centrally-located businesses have also relocated to be near such facilities, changing the nature of Spey, Yarrow and Leet Sts from professional offices to commercial and retail uses. On the positive side, industrial vacancy has reduced and rental rates are tight.
Some of the decline in central city shopping has been attributed to online shopping, although some national real estate researchers say online trading has remained relatively constrained.