Posted on May 05, 2015
Very little has changed in the marketplace over the last few months. The cost of new builds hasn’t changed. If anything it is increasing. The cost of refurbishment is also increasing. The cost of land, if available, has not reduced. The only changes that have become noticeable are that tenants are now taking seriously the shortage of stock, and that a minor miracle has occurred in some council efficiencies. We are not getting excited about the latter – it’s only a minor miracle and a minor improvement in efficiency. But we will be grateful for whatever improvements we can get in the service our civil servants offer to their customers.
Whilst there has been an increasing shortage of stock for some time , or a lower vacancy rate, depending on how you want to phrase it, many buyers and tenants have seen it as sales talk on the part of agents. But it seems that it is finally dawning on buyers/tenants that if they cannot be decisive and commit, then they will miss out. Signs cluttering verges do not necessarily translate into effective and available space for tenants.
STOCK AVAILABILITY
Thanks to those hard working agents who understand the power of communication and who have assisted us with a number of transactions over the past month. Every agent is aware of the shortage of quality stock. Which means we all have to work a little harder, and a little more imaginatively. Thanks in particular to the agent who, knowing our criteria, sought out a 3 unit complex which was not on the market, and put together a deal which worked for both Expedio and the incumbent owner. No marketing required – just a desire to work hard and meet the needs of both parties.
Please note that 5 Aerovista Place has now leased.
We have a number of smaller units coming up for lease in the next few months – register your clients with us now to be first in line.
And we are inviting bids/proposals for a tiny 1000 m2 piece of road frontage land at the wrong end of East Tamaki. Any ideas ?