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Commercial property in the pandemic: inevitable short-term setbacks, a relatively optimistic long-term outlook

COVID-19, a tiny virus visible only through a microscope, has upended politics, economies, production and everyday life across the world in just half a year. Even New Zealand, far away in the South Pacific, has not escaped unscathed. In the months since the outbreak, its economy has experienced a rollercoaster of ups and downs. The commercial property market, a microcosm of New Zealand's economy, has likewise suffered a major blow, facing an unprecedented crisis and an uncertain future.

Risks and opportunities for New Zealand property in the pandemic era

On 8 June local time, New Zealand’s Ministry of Health announced that the country’s last remaining COVID-19 case had met the criteria for recovery, officially bringing the number of cases in New Zealand to zero. Although imported cases subsequently appeared, they were well controlled, and the alert level remained at level one. This meant restrictions on social distancing and gathering sizes would be lifted, social and economic life would largely return to normal, and people’s work and daily lives would gradually get back on track.

Commercial lease pitfalls: four key issues you need to understand

The pandemic battered economies around the world in 2020, and New Zealand was no exception. Many businesses downsized or even closed, and ‘For lease’ signs reappeared on shops in many commercial areas. Yet a crisis can spell danger for some and opportunity for others.

The big picture

The Government's swift response in imposing a nationwide lockdown has put New Zealand in a favourable position for economic recovery. As safety risks recede and the country moves into an economic crisis, widespread changes are expected across society over the next 12–18 months, while economic recovery could also be faster than expected.

Australia has greatly accelerated land development applications. How much longer must New Zealand wait?

How can the construction industry cushion the impact of an economic downturn? Industry professionals agree that, alongside government support funding and attracting overseas investment, accelerating land development approvals is an effective measure. Australia introduced new legislation in early July to significantly speed up approvals for diverse, low-rise, medium-density housing developments. Whether neighbouring New Zealand will follow suit remains to be seen.

New residence programme remains stalled: how long must skilled migrants wait?

2020 has been a difficult year for everyone. For those waiting for New Zealand residence, uncertainty about their jobs, the broader social, political and economic outlook, waiting times and outcomes has made an already difficult situation even harder. Let us look at an expert's assessment of skilled migration in 2020.

Latest commercial property report: existing market among Asia-Pacific's most optimistic, but concerns over development pipeline

It has been almost a month since normal economic activity and daily life fully resumed in New Zealand. How has the pandemic affected the country's business environment, particularly in Auckland, its most important economic centre? Colliers International offered another assessment today with the release of its latest commercial property market research report.

While we worry, leading international agencies remain confident in New Zealand's economic outlook

The COVID-19 pandemic will eventually pass, but the deep scars it leaves on the global economy will undoubtedly outlast the virus. While concerns about the economic outlook for our small country are widespread at home, internationally recognised rating agencies have remained consistently confident in New Zealand. Beyond timely, effective containment and government support policies, let us consider how the pandemic has affected New Zealand's business environment.

Four regions become buyer's markets, see where opportunities to buy are emerging

With the future impact of COVID-19 on New Zealand's economy still uncertain, property market activity and price movements seem to have become a barometer, with every forecast and data release stirring emotions. Confusingly, or perhaps reassuringly, three months have passed since lockdown, and the latest property market reports remain relatively positive so far.

Can debts go ‘unpaid’? Who says New Zealand has no support measures for businesses?

On 3 April, the Minister of Finance announced amendments to the Companies Act to support businesses affected by the pandemic. These include allowing businesses to put existing debts into hibernation until they resume normal trading. How exactly will this business debt hibernation scheme help struggling businesses? Here is an expert explanation.