Tuesday 29 January 2019
New Zealand’s office sector is currently shaped by a shortage of supply but, going forward, it’s flexible workspaces which are set to reshape the market.
By The Landlord
Think of office property and, no doubt, it’s tall, glittering office blocks in a city’s CBD that spring to mind. In many ways, such properties do dominate the office sector landscape.
But office property is more diverse – there’s plenty of smaller, suburban office buildings around.
There are some additional complications with the sector though.
Smaller office properties are often mixed use and incorporate either office and retail space or office and industrial space. As such they are often adapted to specific tenants and defy easy categorisation.
Perhaps for this reason, much of the information about office property tends to focus on those larger-scale office blocks.
While owning such properties might seem out of reach for most investors, many who invest through real estate investment trusts (REITs) or syndicates actually do have investments in big, centrally-located office blocks.
In this month’s issue of NZ Property Investor magazine, we shine the sector spotlight on office property.
We take a look at how office markets are performing around the country, at some of the trends shaping them and get some advice from those in the know.
This article is the second in our commercial property sector spotlight series: in December we looked at the retail property sector. Next month we’ll take a look at the industrial property sector.
To read the full article on either the office property sector or the retail sector, click here to get the digital issue of NZ Property Investor magazine.
Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.
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The main centres used to drive New Zealand’s market but it was strong provincial markets that contributed to the national average asking price’s rise in July.
Flexible working spaces are more than just a fleeting trend and the launch of a new co-working serviced office franchise programme will open up the market to investors.
The Reserve Bank’s decision to slash the Official Cash Rate (OCR) by 0.5% to a historic low of 1.0% has shocked the financial community, but what could it mean for the housing market?