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The week in corporate real estate - 26 August 2021

The week in corporate real estate  26 August 2021

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

New Zealand corporate real estate news

  • BNZ lease deal at 80 Queen Street: BNZ's Quay Park staff will move to 80 Queen Street after BNZ expanded its lease at 80 Queen Street. BNZ has also secured naming rights from 2024 after Deloitte leaves for One Queen Street.
  • Scentre Group announces profit and mall expansions: Scentre Group has announced a $400.4M half year profit. They also announced expansion plans for two Auckland malls. The first expansion is set to begin next year adding a supermarket and more stores to Westfield Albany. They are also planning an expansion of Westfield St Lukes.
  • Asteron Centre deemed potentially earthquake prone: The Asteron Centre office building in Wellington has been deemed potentially earthquake prone as parts of the building are potentially below 34% NBS. The owner of the building has been given 12 months by Wellington City Council to prove the building is not earthquake prone. In the interim, 1,000 Inland Revenue staff are working at short-term accommodation.
  • Sebel Hotel and events centre new lease: The Sebel Hotel in Lower Hutt is nearing completion with opening planned by Christmas. The hotel and a council developed events centre will be leased to USAR to operate until at least July 2027. The Lower Hutt events centre was completed in 2018.
  • New food logistics centre to be completed in October: A new $10.1M food logistics centre in Dunedin is on track for completion in October. The 7,700 sqm warehouse, owned by Quarry Capital Limited, will be leased to Hilton Haulage in a 12-year agreement. The warehouse is expected to be the largest in the region.

Global corporate real estate news

  • CP Group launches flexible workspace brand: CP Group has launched its own flexible workspace brand called worCPlaces. CP Group launched the brand due to growing demand for flexible and short term space due to COVID-19.
  • Google Tower nearing completion: The Google Tower development in Austin, USA is expected to be completed three months ahead of schedule in May 2022. The tower will consist of 25 levels of office space and ground floor retail space. Google plans to lease the entire building.
  • Amazon to trial department stores: Amazon has announced plans to open and trial several department stores in the USA. The first stores will be in Ohio and California and are estimated to be around 2,800 sqm. The stores will sell clothing, electronics, and household items.
  • Tory Burch and Dior open New York stores: Tory Burch and Dior have both opened new stores in New York and provide an exclusive look into the design of the stores.
  • Macy’s announces Toys R Us collaboration: Macy’s has announced it will be putting Toys R Us shops in 400 Macy’s department stores starting next year.
  • Royal Palm Companies plans medical centre: Developer Royal Palm Companies has announced plans for a 10-floor health centre inside the 50-floor Legacy Hotel and Residences in Miami, USA. The 11,148 sqm medical centre will be called Blue Zones Centre and leased to Blue Legacy Ventures on a 10-year lease.
  • Interxion announces new data centre lease: Data centre operator Interxion has agreed to lease an additional 12,000 sqm data centre space on a 20-year lease to expand its footprint in Düsseldorf, Germany. The space includes shell and core space and equipped space.
  • Fujifilm breaks ground on new headquarters: Fujifilm has broken ground on its new £8M headquarters in Bedford, UK. The 2,787 sqm headquarters will comprise office space and workshop and exhibition areas. It is expected to be completed in 2022. Fujifilm has signed a 10-year lease with the landowners.

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

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Renee Lintott

Strategic Analyst


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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