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Property prices, housing developments, new subdivisions – they’re all going up, in all directions and frankly, it’s hard to avoid them.
But what about commercial property – how are local shops, offices and cafes faring since Covid came to call last year?
Better than expected is the broad answer, but as with housing, much depends on the location.
Telos Group’s commercial director Mustan Bagasra says Silverdale is the current Coast hotspot, with a raft of new shops and cafes making it the new regional hub.
“Here, people can attract customers from Ōrewa, Whangaparāoa, Millwater and Milldale,” he says. “Now is the right time – you can see there’s so much happening all around, and more houses means more people and more foot traffic. It’s a natural progression.”
Meanwhile, he says Ōrewa is becoming more of a hospitality hub, despite the pressures of lockdowns and trying to find staff when borders are closed, as more families continue to move out from the city.
“Local suburbs are becoming more prominent, firstly because more people are working from home post-Covid, and secondly the CBD being a real nightmare, with the city rail link and the traffic.”
Overall, commercial vacancies are at about 4 per cent, according to Mustan.
“There is still a lot of demand. More people are around wanting to spend money in local cafes and retail businesses,” he says. “And there’s a demand for service industries as more people move in – lawyers, accountants, doctors, chiropractors, and so on.”
Mustan says that any new commercial or industrial properties that come up for sale are being snapped up by investors.
“They are moving money from residential property and banks into commercial,” he says. “There’s very little new stock on the Coast at the moment, whereas the leasing options are there because people are always upgrading and downgrading.”
