Increased confidence levels both from Rotorua consumers and businesses continue into 2015.
General trading conditions are also looking positive, with the majority of the Rotorua business community expecting conditions and economic activity to increase over the course of the year, according to the Rotorua Business and Public Confidence Survey, conducted by APR consultants. Businesses also expect increases in profits and in turn to be able to employ more staff and invest in their businesses over the year to December 2015, providing a positive economic backdrop for the city’s commercial and industrial property markets.
The industrial sector has continued to be the top performer in Rotorua over the past twelve months. Although, according to Telfer Young’s most recent vacancy survey, overall vacancy in industrial stock has increased to 10.3% from 7.6% a year earlier, the increase is almost certainly temporary. Read more...
The Rotorua retail sector is a polarised market with a sharp contrast between prime and secondary property, with a key issue being the older stock in the CBD requiring upgrading and seismic strengthening with no upside for the owner. As a result agency reports advise that they are seeing greater activity in the fringe areas rather than the CBD. Read more...
The two tier market continues between prime and secondary space within the office sector. Local development and construction company, R&B consultants, has been contracted by a number of businesses for purpose built prime office space, due to a shortage of suitable premises. Read more...
The RDC is embarking on a journey curating a positive future for Rotorua by 2030 in their Revitalisation Strategy which will run parallel with the development of the Council Long Term Plan 2015-2025. The seven goals which were identifi ed in the strategy were:
1. A resilient community;
2. Homes that match needs;
3. Outstanding places to play;
4. Vibrant city heart;
5. Business innovation and prosperity;
6. Employment choices; and
7. Enhanced environment.
Read the full MARKETBEAT report here.