High interest rates and prevailing economic uncertainties undoubtedly cast a shadow over the commercial property landscape, impacting activity across the board in recent times.
However, according to Bayleys Silverdale commercial and industrial broker, Alex Perigo, times are a-changing.
He says there are signs of robust recovery and renewed optimism in our local market.
“The recent election has undeniably had an impact, with both purchasers and vendors appearing more confident post-results,” he says. “This uptick in market sentiment isn’t isolated; it’s part of a broader positive trend that agents are seeing across various sectors.”
He says industrial rents, especially in the Silverdale industrial area, are on an upward trajectory, driven by demand that significantly outpaces supply.
“As businesses look for more space and operational hubs, this particular zone is seeing heightened interest, pushing rents up.”
Retail, too, is enjoying a revival – Perigo says the renewed appetite for retail spaces is a heartening indicator of the economy’s resilience and potential.
Adding to the mix are new office developments like Nexus Business Park in Ōrewa.
“All these factors combine to paint a promising picture for our local commercial real estate market. The dynamics are shifting, and there’s a tangible sense of optimism in the air.”