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NZ's biggest new office block rising: How Covid exacerbated demand for $650m project


NZ s biggest new office block rising: How Covid exacerbated demand for $650m project
10 May, 2021 05:00 PM
4 minutes to read
Culum Manson of Mansons TCLM on NZ s biggest new office block rising. Video / Dean Purcell
Culum Manson of Mansons TCLM on NZ s biggest new office block rising. Video / Dean Purcell
A $650 million new office block project is rising a block from Auckland s waterfront in New Zealand s largest newly-announced commercial construction project.
Culum Manson of Mansons TCLM said despite predictions of falling demand for new
offices, so many tenants had contacted the family business that the 15-level project began without leasing any pre-commitment due to the firm s confidence about signing leases well before construction completion. ....

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What's driving the commercial property sector?


A commercial property for lease in Auckland in 2020. File photo
Photo: RNZ / Dan Cook
Commercial real estate company Colliers said industrial property, large format standalone retail, prime regional shopping centres and flagship office buildings continued to be in high demand.
The strong demand was already reflected in the value of some of New Zealand s largest property companies.
The Goodman Property Trust has just reported a second half gain of about $415 million or 12.5 percent in the value of its portfolio, on top of the $140m gain in the first half.
Goodman chief executive John Dakin said: We continue to see strong demand for space, tight supply conditions, low vacancy and solid underlying rental growth across our portfolio. This, combined with relatively low interest rates, has fuelled investor demand, particularly for high-quality logistics and warehouse property. ....

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Project Auckland: What future for offices in these pandemic times?


Project Auckland: What future for offices in these pandemic times?
7 Mar, 2021 04:00 PM
4 minutes to read
What s happening to office demand? Culum Manson knows. Photo / Michael Craig
What s Auckland office space demand doing when so many people are working from home now and are pandemic predictions of a demise of the commercial sector proving true?
Or does New Zealand s largest private developer s
$250 million spec projects cast doubt on such predictions?
Culum Manson had no qualms about pushing go on a speculative $250 million Newmarket office project, telling the Herald in February that leasing inquiries were rising. Not only was there strong demand for new A-grade high green-star rates commercial premises, but to get staff to return to offices, corporates needed to upgrade, he explained. ....

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