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10
(c) Supply of new property in the
private sector
Table 5
16.
Caution needs to be exercised in
interpreting the quarterly figures on completions
because they are subject to short-term fluctuations
(the same applies to the quarterly figures on building consents). Completions of industrial
accommodation decreased by 21% in terms of floor
area in 1987 compared with 1986, with most of the
reduction concentrated in the second half of the
year (Table 5). Against this reduced supply, the continued demand for industrial floor space
particularly in the established industrial areas resulted in the vacancy ratio dropping to an
historic low by the end of 1987.
17.
Completions of private sector office
space increased by more than four times in terms of
floor area in 1987 compared with 1986. Half of the
annual completions were recorded in the fourth
quarter of 1987. Notwithstanding a decline in the third quarter, completions of shop premises in the private sector showed an increase of 63% in 1987
over the level in 1986.
18.
As regards private sector residential property, completions rose by only 1% in terms of units in 1987, following an increase of 14% in 1986.
19.
(a) Building consents
Notwithstanding a slight decline recorded in the fourth quarter, planned developments of all types of private sector property combined, in terms of the total usable floor area on building plans
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