While new build office development activity is ramping up in Auckland, Wellington, and Christchurch, now is still the best time to proceed, says Colliers.
Development plans are being readied and cranes are popping up on the skylines of our major cities to build new premier office space. This is despite some reservations circling about the future of office arising from Covid-19’s acceleration of remote working and the potential influence on the demand for office space over the long term.
A review of market conditions in Auckland, Wellington and Christchurch highlights that while some changes to future demand levels may be likely, there are key reasons why pushing ahead with new development activity stacks up.
Not all office space is the same – Whilst there is no doubt that flexible working practices are here to stay, businesses have identified the crucial role that the office plays in promoting collaboration, innovation, creativity and productivity and it strongly supports the building of company culture.
In the current market conditions, ‘earning the commute’ of employees is at the forefront of consideration, along with flexibility, health and wellbeing, environmental sustainability, and seismic resilience.
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