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Commercial property market showing improvement

Commercial property market showing improvement

Good afternoon,

Please find attached a media release from Property Council New Zealand and IPD, which shows the commercial property market recorded a total return of positive 6.2% for the year ending September 2010, consisting of a positive 8.1% income return and a negative 1.8% capital return.

The results were released this morning on the final day of Property Council's National Conference 2010 in Christchurch, which attracted 200 delegates.

Property Council National President Chris Gudgeon said commercial property was the infrastructure of business in New Zealand - a message that needed to be better understood by Government, Treasury and the wider public.

“Commercial property makes a fundamental contribution to the productivity and competitiveness of our economy. It is, and will continue to be, the infrastructure of business - a message that will be encapsulated in the Property Council’s election year manifesto.

“Our construction sector, for example, accounts for more paid hours of work than many other sectors and key parts to the national economy. Since KiwiSaver was established, about a million New Zealanders now have a foundation share in commercial property, on their journey to acquire savings and financial security.”

The built environment was also an expression of our culture, style, green building innovations and ingenuity, he said.

Property Council’s annual conference was planned for September but was postponed after the Canterbury earthquake on September 4. “Faced with the fact that we couldn’t proceed on the original date, our members, sponsors and conference speakers sent us a message loud and clear that they had made a commitment to come to Christchurch and they wanted to stick with it – earthquake or not.

“Christchurch and Canterbury is a great place to host the conference but also an important part of our national economy. We are delighted to be able to do our bit to support the residents and businesses of Canterbury at this time.”

ENDS

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