Digging Deeper than ‘Drive By’ Property Analysis
By Peter Scott | Property Leasing | Tuesday 31st August 2010
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”.
The great majority of us still have some pretty old fashioned ways of thinking about property.
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.
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.
Adverse weather conditions can put enormous pressure on even the best of tenant/landlord relationships.
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.
In the past few months I’ve noticed a definite trend towards organisations searching for new premises.
One of the key impacts on the currently flooded commercial property market is the number of large corporate tenants moving to new buildings.
As the year comes to a close, many businesses (and homeowners) think about what alterations and renovations they can make to premises over the summer break.
People often ask me what’s going on in the commercial rental property market. They’re all keen to hear the real oil, so I thought I would run through some current trends and some predictions.
It is extremely easy for most of us to be lulled into thinking a quoted rental price is the main cost when entering into a commercial property lease. But lurking beneath that highly visible tip of the iceberg are some nasty extras.