NZ Occupier Update | 12 May 2020

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Local updates

  • Microsoft has announced plans to build its first data centre in New Zealand. The data centre would add to the company's 59 other data centres around the globe. More info here.
  • Precinct Properties is deferring the $298M redevelopment of One Queen Street in central Auckland. The development was to contain an 11 storey InterContinental Hotel, 7 levels of office space and a rooftop bar. More info here.
  • Centuria Capital has taken a $45M stake in Augusta Capital. The agreement will see Centuria pick up a 19% stake with the opportunity to increase that to 25%. More info here.
  • Hamilton City Council is in the process of acquiring land through the Public Works Act for road widening to service the new Peacocke subdivision. One acquisition has had compensation assessed at $1 because the loss of land has been offset by betterment from the new development. More info here.
  • Burger King is closing five outlets as part of positioning its business for sale. More info here.
  • Bunnings is proposing to close seven of its stores in New Zealand. More info here.

Overseas updates

  • Google and Facebook are planning for their office staff to work from home for the rest of 2020. More info here.
  • Airbnb has announced it is laying off almost 1,900 staff members (approx 25% of its staff). Revenue is forecast to be half of what they earned in 2019 and they are halting projects related to hotels, transportation and luxury travel. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

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