Pro Commercial property

Hawke’s Bay property market rebounding

Following the long-awaited announcement of the first cut to the Official Cash Rate in more than four years by the Reserve Bank of New Zealand, market sentiment in Hawke’s Bay is lifting. While the road to recovery following the economic shocks caused by the Covid-19 pandemic and extreme weather events such as Cyclone Gabrielle has been long, green shoots are...

Lift in 2024 possible for commercial property activity – Danny Blair – Colliers Hawke’s Bay

The number of commercial and industrial property sales was subdued in 2023, as both vendors and purchasers adopted a cautious approach after a record-breaking couple of years. Uncertainty regarding the level at which interest rates would peak, given the inflationary backdrop, and concerns about a cooling economy, all weighed upon sentiment surrounding the property market. Sales data tracked by the...

Talk of town heralds redevelopment of Napier CBD

The talk of the town locally is the recent Colliers sale of two iconic office buildings in the heart of central Napier, Dalton and Vautier Houses, heralding an era of extensive redevelopment in Napier CBD and presenting exciting leasing opportunities within the city. The landmark properties, recognised as the largest office block in the Hawke’s Bay region, were acquired by...

Top commercial predictions for 2023

In the last Colliers monthly report of 2022 we provided provide some of our top predictions for the following year and below are the 12 that relate to commercial property on a national scale. These are not our only projections on the large, complex and ever shifting dynamics of the property sector, so make sure to reach out to get...

The Halfway Mark: Asset Class Market Update

The July edition of the Colliers monthly property research report reflects the halfway mark for 2022 and presents a timely opportunity for us to provide an update on market conditions across multiple asset classes both of what is being experienced nationally but also some of the local activity that has taken place. Retail The retail sector has had its fair share of challenges over the last...

Government proposes new commercial lease rent abatement clause

What has been proposed? The government proposed to amend the Property Law Act 2007 by inserting a clause into commercial leases, when introducing the Covid-19 Response (Management Measures) Legislation Bill. The proposal notes that when there is an epidemic and the tenant is unable to access all, or part, of their leased premises due to health and safety reasons, that...

Record making start to 2021 in commercial property activity – Danny Blair – Colliers HB

Colliers Hawke’s Bay has kicked off 2021 with the largest January and February since inception in 2004. The economic rebound experienced in the third and fourth quarters of 2020 post the lockdowns led to a rise in a number of local economic indicators, as a broad range of sectors reignited in an attempt to make up for the lost periods...

Investor competition set to drive values higher

Despite some uncertainty and short-term disruption to market conditions from COVID-19, low interest rates are fueling investment activity, especially for prime properties with strong covenants. The flight to quality and limited stock available to purchase is likely to elevate the level of competition amongst experienced investors driving values higher. Overall Investor Market Conditions The economic downturn created by the COVID-19...

Record sale takes place during lockdown

We are now in the recovery mode of COVID-19, having been in full lockdown and then varying levels. At Level 1 we are much closer back to the normal than many other countries across the globe. There is certainly an air of the unknown going forward from an economic recovery, but Hawke’s Bay is well poised to recover at a...

2020 shapes up as a stellar year

This year is shaping up to be another stellar 12 months for commercial and industrial property in the Hawke’s Bay. Investor confidence remains high and market activity is strong on the back of an outstanding 2019. Yields are likely to compress further on the back of record lows in 2019. The sale of the 19-unit Harvest Lodge Motel in Havelock...