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The week in corporate real estate - 16 June 2021

The week in corporate real estate  16 June 2021

A weekly update of the biggest corporate real estate news from New Zealand and around the globe.

New Zealand corporate real estate news  

  • 35 Green Star rated buildings in Auckland CBD: Colliers' latest research highlighted that there are 35 NZGBC Green Star certified office buildings in Auckland CBD. The majority are certified to at least Green Star 5 star. This was reported in the context of the central government's recently announced mandate requiring NABERS rated buildings for major leases and Eke Panuku's announcement about requiring Green Star 5 star ratings for larger new commercial buildings in its town centre developments.
  • IKEA to announce NZ plans within months: IKEA will announce their New Zealand store plans within the next four months. IKEA is currently finalising deals for three sites across New Zealand. The three sites will include a large format store in Auckland, a planning studio in Wellington and a small-format store in Christchurch.  
  • Kawerau paper mill to close: Owner Norske Skog has announced the Kawerau paper mill will stop production and close by the end of June 2021. The closure of the mill was brought upon by the decline in the publication paper industry and impact of COVID19. The mill has been operating for 66 years and employs 160 people.  
  • Gore District Council struggles to heat new building: Gore District Council are allowing employees to work from home as the transformer for the new $6M Civic Administration building is undersized and struggles to power heaters in the building. A bigger transformer costing $33,000 has been ordered. The building opened in January 2021.  
  • ASB dedicates $100M to green loans: ASB has dedicated $100M to low-cost green loans for rural customers. The new Sustainability Loan at 2.25% pa will allow rural customers to improve the sustainability of their property and operations through conservation and biodiversity restoration, renewable energy projects, pollution and waste reduction projects, reduction of emissions and to promote healthy soils.  

Global corporate real estate news  

  • Woolworths headquarters and data centre for sale: Woolworths' Sydney headquarters and data centre is for sale. The 44,911 sqm site includes office space, a Woolworths supermarket, gym, café, and a sports facility. The site is leased to Woolworths for 10 years.  
  • WestPark complex bringing the office to the suburbs: The WestPark complex comprises two gold LEED-certified buildings in Westchester, USA. The buildings will help fulfil the demand for office space in the suburbs. Sustainability features include natural light, electric vehicle charging stations, high tech air filtration systems, fitness centre, walking trails and outdoor spaces.  
  • HSBC to reopen Hong Kong headquarters: HSBC has announced its Hong Kong headquarters will reopen as COVID19 cases drop. Employees will be able to return to the office dependent on seating capacity. The headquarters has been closed since March after positive COVID19 cases were found in the office. HSBC is encouraging employees to get the vaccine by offering one day off per dose.  
  • Facebook allows all employees to work from home: Facebook is now allowing all employees to work from home if their job can be done remotely. Previously Facebook has only allowed experienced and senior staff to work from home. Facebook plans to fully open its US offices in October 2021.  
  • Amazon adjusts return to work plans: Amazon has adjusted its return to work plans to allow employees to work 3 days in the office and 2 days remote. Employees can apply for an exception to work more days remotely. If an employee worked remotely for more than 2 days a week, they will be classified as a primary remote worker and have no dedicated workspace in the office.

Contact property consultant Chris Farhi at Colliers Strategic Advisory to request an email notification for this weekly update.


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.

View expert

Renee Lintott

Analyst

Auckland CBD

Renee was the recipient of the Blair Hargrave/Colliers  Scholarship in 2019 before joining the  Strategic Advisory team as an analyst in the same year. Renee worked part time in the team for 2 years whilst completing  her tertiary qualifications and joined full time in mid 2021. 

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