SECTOR COMMERCIAL & INDUSTRIAL
Commercial and Industrial market robust despite COVID-19
COVID-19 restrictions have posed many challenges across New Zealand in the latter part of 2021. Still, Colliers observes that the commercial and industrial property market remains strong as it moves into 2022.
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The Real Estate Institute of New Zealand
While there was a large amount of uncertainty during the Alert Level 4 restrictions in 2020, investors and developers were less perturbed this time around. Gareth Fraser, Director of Investment Sales at Colliers, says the sentiment in the sector is positive despite Auckland facing months of restrictions and other parts of the country impacted through varying levels. “During the five weeks of Alert Level 4 restrictions in August and September, we transacted more than 40 property sales across Auckland with a combined value of more than $250million,” Fraser says.
“Some of those transactions were conducted off-market, while others were able to take place because the campaign was launched far enough in advance of the lockdown to enable buyers to inspect the properties before the restrictions were in place. “In 2021, people had greater access to technology with more tools to be able to work remotely, which contributes to improved productivity across the industry. “While we experienced a degree of scepticism about the immediate future of commercial property during last year’s
