Lodge Commercial Real Estate Hamilton - Commercial Recovery 2012

2012 has witnessed a revival in commercial and industrial real estate activity. A key observation within the leasing market has been the trend for businesses to consolidate into fewer buildings and upgrade accommodation. As a consequence lower grade accommodation has been somewhat marginalised particularly if the landlord is not prepared to invest to upgrade the building. Government and corporate clients have also become increasingly concerned with the seismic rating of a building and will insist on it being of a particular level prior to committing or even confirming a right of renewal of a building they may have already occupied for some years.

The number of new developments within the city which have been committed to reflects the confidence of investors and developers in the region’s economy. These developments are not simply restricted to the expansion of the Base and northern Te Rapa. Several thousand square meters of extra office space is in the throes of being developed as the CBD is starting to attract office concentrated businesses back into central Hamilton. The education and research belt through Ruakura and Hillcrest continues its expansion and may soon be joined by Tainui’s ambitious plans for an inland port and distribution hub. As with the progress of other global growth cities Hamilton is beginning to enjoy sector definition within its commercial and industrial real estate. This aids future city planning and development.

Perhaps as a consequence of these changes the Hamilton City Council is undergoing a complete review of their property holdings. The planned sell off of much of their inventory will offer an exciting opportunity for investors and developers and will also herald some exciting developments for the city. Already there are plans for a retirement village on the Sonning car park off River Road and we expect this will be only the start of some creative plans which will transform the city.

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