Focus on Commercial Property
Commercial property is a significant asset to our CBD's when attractive and well utilised, generating revenue for owners and contributing to the CBD vitality and sense of place.
There have been a number of difficulties affecting CBD commercial property particularly over the past several decades. This includes the Building Amendment Act 2016 which raised building standards after the Christchurch Earthquake. This issue remains for our CBD commercial property owners. Dramatic changes in the retail sector from mall and big box development in the 1990's to online shopping have impacted commercial property tenancies.
More recently, Covid - 19 has accelerated the idea of remote work. Offices in our cities are already feeling the effects of the Covid-19 pandemic with businesses looking to downsize space as more staff work from home.
There are a range of opportunities to reuse commercial property including some which may be currently occupied.