In line with the economic recovery throughout New Zealand’s various business sectors, we’re now experiencing the beginning of Waikato’s commercial property recovery. The commercial property sector has seen significant change since the recession took a tight grip on our economy in 2008; vacancies increased throughout the retail office and industrial markets as many businesses either downsized, or downgraded, their accommodation.

As the recovery unfolds it is evident that some retailers and office tenants are being enticed away from the CBD to newer buildings (to Te Rapa in particular), and RD1 is a typical recent example of this trend.

In the CBD, this has led to widespread refurbishment of older, dated premises, as landlords look to retain existing tenants or attract new ones. The building on the corner of Princess and Victoria Streets is one of the latest properties to undergo such an upgrade.

Owners of retail space are conscious of the need to keep their CBD properties vibrant and competitive. Kiwi Income Properties is revamping both the Downtown Plaza and Centreplace; this includes the addition of a north-facing boutique eatery strip along Bryce St. The consolidation of retail around this area further delineates the CBD between a distinctive restaurant precinct in the south and a retail precinct in the city’s heart.

Further afield, cases of renewed confidence are evident in the city’s north. Tainui recently sold down its shareholding in Ryman Healthcare to bolster its investment in Te Awa retail, which includes funding for the planned Ruakura transport hub. The positive sentiment in Hamilton’s commercial property prospects is hugely encouraging for the local business environment.
July 2011 Commercial Sense By Dean Abraham
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