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Commercial Update April 2024

The commercial and industrial property market across Canterbury is well and truly back up and running for 2024 – after enjoying a sustained summer of warm temperatures and blue skies which have boosted the mood in the region.


With Canterbury commercial and industrial real estate vendors and purchasers now fully reinvigorated from their summer holiday breaks, the Bayleys Canterbury Commercial & Industrial sales and leasing teams have seen a substantial upturn in activity levels – listing properties, preparing properties to be listed, and increased interest in the many properties we are marketing for sale.

Interestingly, we are starting to see the re-emergence of scaled commercial and industrial property syndications into the investment market. Over the years, many investors across the Canterbury region have bought into the investment syndications Bayleys has marketed on behalf of Centuria Capital, and its predecessor Augusta Capital. Bayleys Real Estate is New Zealand’s foremost property syndication sales agency, so it can be expected to see more of these offerings coming to market as Bayleys’ clients increase their portfolios, and similarly as other agencies follow suit with alternative opportunities.

For the syndication team within Bayleys, the first two proportional ownership offerings being marketed through our databases are located in the industrial powerhouse of Auckland – which tends to lead the country in real estate market trends and patterns, so anticipate more syndications appearing throughout the country as regional growth returns across New Zealand.

Closer to home in Canterbury, there is the potential for commercial and industrial syndications to occur in high-growth areas such as Rolleston, and Rangiora on a smaller scale. Keep an eye out for supermarkets and nationally-branded big-box retailers to be cornerstone tenants in such offerings, as well as sizeable commercial tenancies in the central city to a lesser degree.

Meanwhile in the tourism sector, encouraging data is coming out in regards to international visitor numbers coming to Christchurch – particularly the fly-in/bus-out ‘organised tour’ sector.

Australians top the list of international visitor numbers coming back to New Zealand according to the latest data from Stats New Zealand, followed by North American, Chinese, British, and Indian tourists. It is those top two countries though which are of interest to Canterbury, which is seen as a gateway to the lower half of the South Island. Running in parallel to this, Canterbury’s hospitality sector is seeing a ‘flight to quality’ in terms of venues and destinations, as consumers take a more circumspect approach to where they spend their hard-earned discretionary money in a time when the cost of living is higher than previous levels.

This movement is seeing experienced food and beverage operators throughout the region who are offering a quality product, and professional service, in an appealing environment, maintaining, and even growing their market share – while those competitors who choose to cut corners are finding clientele volumes falling.

For more information on these syndicated investment opportunities or to discuss the commercial real estate market, from either a sales or leasing point of view, please feel free to get in touch with any of the experienced Bayleys Canterbury Commercial & Industrial sales or leasing team.

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