Q1-2 2014 | Full Commercial & Industrial Property Market Reports | Report 19

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Q1 – 2014 | PropertyMetrix | Report 5

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Metrics Commentaries Q1 – 2014:

  • After some false-starts confidence is much improved and NZ economic numbers are rosier than has been the case for a long while, improving the outlook for most commercial-industrial property.
  • Our graphed commercial-industrial property sales peak Q2-08 at $82M was 73% lower 5.25 years later at $22M Q3-13 (transaction numbers peaked at 58 in Q2-08 and reduced 55% to 26 by Q3-13).
  • Considerable new commercial-industrial development has occurred for Hawke’s Bay 2010-14, particularly Napier’s Hastings Street revitalisation.  This is good for Napier-Hastings and the province.

Q3-4 2013 | Full Commercial & Industrial Property Market Report | Report 18


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Year-end report looks at (includes 54 analysed commercial-industrial transactions):

  • Page 4   |  HB retail vacancy survey
  • Page 7   |  Prime property rising values
  • Page 9   |  Turning the corner
  • Page 10 |  Buildings seismic market, economic and regulatory influences
  • Page 11 |  Hastings-Napier development 
  • Page 13 |  HB office property indicators and values/ evidence (12)
  • Page 17 |  HB industrial property indicators and values/ evidence (12)
  • Page 21 |  HB retail property indicators and values/ evidence (15)
  • Page 25 |  Large format retail and supermarkets
  • Page 27 |  National cap rates (yields) (15 transaction as high as singular $90M)

Q3 – 2013 | PropertyMetrix | Report 4

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Metrics Commentaries Q3 – 2013:

  • The economic outlook and confidence is broadly improved this year that bodes well for commercial-industrial property.  Interest rates trends meanwhile will be an influential factor.
  • Our graphed commercial-industrial property sales peak Q2-08 at $82M and was 79% lower 4.75 years later at $17M Q1-13 (transaction numbers peaked shown at 58 in Q2-08 and reduced 78% to 13 by Q1-13).
  • Considerable new commercial-industrial development applies for Hawke’s Bay 2010-13, particularly Napier’s Hastings Street revitalisation.  This is good for Napier-Hastings and the province. 

Q1-2 2013 | Full Commercial & Industrial Property Market Report | Report 17

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Hawke’s Bay Today article highlighting our market report commentaries:
Mid-year full report highlights (includes 53 analysed commercial-industrial transactions):
  • Page 5   |  Prime property firming values
  • Page 6   |  HB macro influences
  • Page 6   |  Turning the corner
  • Page 7   |  Buildings seismic market, economic and regulatory influences
  • Page 10 |  HB office property indicators and values/ evidence (9)
  • Page 11 |  HB new office developments list
  • Page 14 |  HB industrial property indicators and values/ evidence (12)
  • Page 14 |  Austin Street land sale 44% reduction
  • Page 18 |  HB retail property indicators and values/ evidence (15)
  • Page 19 |  Napier development flurry (appendix 2 locality image)
  • Page 20 |  Taradale retail 12 shop vacancies
  • Page 20 |  Foodstuffs effects Havelock North
  • Page 23 |  National cap rates (yields) (17 transaction as high as singular $90M)

Q1 – 2013 | PropertyMetrix | Report 3

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Metrics Commentaries Q4 – 2012:

  • Built commercial-industrial property sales peaked Q4-07 at $104.7M and were 79% lower 4.75 years later at $21.6M Q3-12 (transaction numbers peaked at 58 in Q4-07 and reduced 47% to 31 by Q3-12).
  • Some early light in December/ January that the market was returning to predominantly confidence faded with pastoral drought concerns.
  • Commercial and industrial sales numbers for Q1-13 are particularly light (even allowing for usual data lag).

Q3-4 2012 | Full Commercial & Industrial Property Market Report | Report 16

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Full Market Report Commentaries Q3-4 2012:

  • By mid to late 2013 we might be able to say with confidence it’s game back on.
  • Some early light indicates NZ is climbing out of a quagmire of economic negativity and returning to predominantly confidence – pessimism is falling away.  This will ripple forward for property.
  • A punchy cocktail of ongoing low interest rates and upward confidence combining with adjusted values is dissipating commercial property headwinds. The Canterbury rebuild will add positive momentum.
  • Hastings-Napier has seen considerable commercial property development 2011-13 that is ongoing and is long-term positive – significant city centres renewal applies alongside some major new industrial developments.
  • Our Government’s immediate response to Canterbury Earthquakes Royal Commission findings will have calming effects and provide steerage around commercial buildings seismic capacity issues.

Q4 – 2012 | PropertyMetrix | Report 2

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Metrics Commentaries Q4 – 2012:

  • Built commercial-industrial property sales that peaked Q4-07 at $104.7M were 82% lower 4.5 years later at $18.8M Q2-12 (transaction numbers peaked at 58 in Q4-07 and reduced 50% to 29 by Q2-12).
  • Some early light indicates NZ is climbing out of a quagmire of economic negativity and returning to predominantly confidence – pessimism is falling away.  This will ripple forward for property.
  • Our Government’s immediate response to Canterbury Earthquakes Royal Commission findings will have calming effects and provide steerage around commercial buildings seismic capacity issues.

Q3 – 2012 | PropertyMetrix | Report 1

Our next metrics report Q4-12 will coincide with our full TCL Commercial & Industrial Property Market Report (twice-yearly) next due early February 2013.
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Metrics Observations Q3-12:

  • Built commercial-industrial property sales that peaked Q4-07 at $104.7M were 68% lower 4.25 years later at $33.4M Q1-12 (transaction numbers peaked at 58 in Q4-07 and reduced 41% to 34 by Q1-12).
  • Cap rates (net passing rent initial yield) for medium to low quality commercial-industrial properties have continued to elevate causing reduced property values.
  • The building seismic performance topic is considerably pervasive in the commercial property arena generating market activity that would otherwise be lacking and principally led by tenants, thus creating opportunities across the market.