I’ve been talking for some time now about how much of a tenant’s market it is for leasing property. It’s been keeping us busy working with clients looking to negotiate good deals and take advantage of the over supply of commercial space. And if you are in the right position, it is a very good time to move.
But a word of caution…
Over the past few years I’ve written a number of times about the Australian influence on the New Zealand property market. First it was, “The Aussies are coming”. Then it was, “The Aussies are here”. And most recently, “The Aussies are here and they are us”.
And today, with the oversupply of commercial rental office space and residential high rise space, they are struggling for good returns the same as everyone else.
Let me give you a snapshot… Read the rest of this entry »
I think I would be really hard pushed to find anyone on the planet who wouldn’t like to attend fewer work meetings.
Complaints about ‘meeting overload’ and the trials of a day of back-to-back meetings must echo around offices across the globe.
But there could be a answer in sight… Read the rest of this entry »
The great majority of us still have some pretty old fashioned ways of thinking about property.
Just the very words landlord and tenant come from a bygone era when we stop to think about it. It was a time of feudal land ownership when there really were lords with peasant tenants who were completely subservient to them.
Language is a powerful thing, and using these words today always implies a power structure. In the subconscious mind Read the rest of this entry »
I was browsing through some blogs and online articles about commercial property leasing in the United States and it dawned on me (not for the first time!) how limited our systems in New Zealand are for tenant representation.
In the USA, Australia and other countries it is very much the norm that both landlords and tenants alike have their interests independently represented. Read the rest of this entry »
Clients I speak with regularly say the commercial property market has become increasing stressful and complex. So much so, that it inhibits businesses from making decisions about future locations; whether to upsize, downsize, move or stay.
The message I hear is that there is a general fear that making the wrong decision about their property needs could tip a business over the edge. Because of this worry, the inclination is to defer doing anything.
Traditional thinking in business is being turned on its head day in day out as technology allows us to work from anywhere anytime.
These new dynamics mean that every day, new jobs are invented that we have never heard of before.
Adverse weather conditions can put enormous pressure on even the best of tenant/landlord relationships.
I’ve already dealt with one situation this week where water damage has soured relations between tenant and landlord to the extent that they are exchanging lawyer’s letters; each party is Read the rest of this entry »
There are a number of signs that the long talked about green shoots are starting to show a hint of blossom in the post-economic crisis environment.
There are quite a few challenges yet to come, but some key indicators such as business confidence surveys, employment rates and increased business activity are looking positive.
But I have noticed that a Read the rest of this entry »
Research is showing that the high vacancy levels in commercial lease property in New Zealand is a trend that looks set to stay for the next couple of years.
Low interest rates, inflation and slow recovery from the global economic crisis will have an ongoing ripple effect on commercial property.
In the short term, this is leading to an increase in trends such as “shadow space” where a business Read the rest of this entry »
In the past few months I’ve noticed a definite trend towards organisations searching for new premises.
A year ago, this was not the case at all. The bulk of our work then was negotiating rent reviews and lease renewals. People were still nervous about making decisions in recessionary times. Read the rest of this entry »
The first thing to realise when you are about to enter into a lease for a commercial property is that there is no such thing as a standard contract.
I get concerned that many individuals and organisations believe that commercial property leases are standard [they are not] and that any “standard” variations are simply the preserve of the landlord [they are not]. Read the rest of this entry »
