COMMERCIAL REAL ESTATE with Colliers of North Shore
Retail Regains Consciousness
Colliers International monitors over 502,000m2 of retail space across the greater Auckland area and our latest NZ Retail Report shows that NZ consumer confidence has increased with improved labour market conditions allowing consumers to be less cautious about their income expectations in the near future. Good news for retailers.
Bigger retailers are on the expansion trail again allowing larger level developments to be pre-leased and financed. Current construction in the Silverdale Centre and along Hibiscus Coast Highway will see approximately 24,000m2 of retail space completed by spring 2012 with major anchor tenants including The Warehouse and Countdown
already committed.
Whilst Takapuna has in the past had difficulty retaining larger tenants in the main shopping strip, redevelopment projects continue to attract quality tenants to Takapuna and the establishment of destination stores. Initiatives like the Takapuna Night Market and continuing area upgrade projects are injecting life and resurrecting Takapuna as a vibrant retail centre.
Increases in retail spending are reflected in the property market with keen interest and strong returns on retail investments.
Andrew Hiskens: andrew.hiskens@colliers.co.nz
www.colliers.co.nz
