Magazine article New Zealand Management

Spending on the Future: The Development of Modern Business Parks on the North Shore Has Given Similar Companies the Opportunity to Cluster in Low Rise Buildings in a Campus-Style Setting

Magazine article New Zealand Management

Spending on the Future: The Development of Modern Business Parks on the North Shore Has Given Similar Companies the Opportunity to Cluster in Low Rise Buildings in a Campus-Style Setting

Article excerpt

Business parks with open spaces, cafes and plenty of parking and good profile have become a feature of the North Shore's expanding office market.

Colliers International leasing broker Janet Marshall says there are a number of quality office buildings within business parks, where businesses employing from two to 20 staff can either buy their own building or floor or lease space. "This has proven to be a popular way for businesses to own their own real estate and customise it to suit their needs."

Marshall says for larger companies there are both existing and new properties that provide a long term sustainable structure and environment and can accommodate specifically designed layouts.

"Early planning allows tenants more options in a highly competitive market where sharp lease terms are available. As landlords are competing keenly for quality tenants the opportunity exists for companies to write their lease deal to include rental incentives and fitout packages."

Marshall says there has been an increase in tenant movement on the North Shore and demand for new premises has been high as businesses expand and reposition in higher quality space.

The North Shore market includes Takapuna, Albany, North Harbour and Mairangi Bay. It comprises some 28% of the total metropolitan office market--about 295,500[m.sup.2] of space. Vacancies in the Takapuna precinct total 6200[m.sup.2], a rate of 4%.

Marshall says historically, Takapuna has been regarded as the heart of the North Shore office market and proposals for the area could substantially change the face of the CBD within the next five years.

Central to the revitalisation of Takapuna is Location Group's Merge development, which includes a 750-space public car park, a 30-storey building incorporating 3475[m. …

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