Skip to main content Skip to footer

The week in corporate real estate - 28 April 2021

The week in corporate real estate  28 April 2021

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

New Zealand corporate real estate news

  • Chris Farhi Vlog: Last week's vlog deep dived into the biggest corporate real estate news during April. Topics included Colliers' Auckland CBD office research, Sky Television preparing to sell some properties, and remote working announcements by Google, Amazon and JP Morgan. More info here.
  • Microsoft research on NZ work trends: Microsoft released findings from its Work Trend Index for NZ businesses. The findings include 71% of NZ employees want remote working to continue, but 65% feel they need more in-person time. More info here.
  • CoreNet Symposium: The CoreNet Symposium is being held on 27 May. Tickets are now on sale. The theme this year is Resilience. More info here.
  • New Police station in Mt Roskill: NZ Police have opened a new police station in Mt Roskill, Auckland. The new station highlighted the police commitment to carry out duties in more fit for purpose workplaces. More info here.
  • Parliament upgrade: Parliament will have three new buildings developed in Wellington. The buildings will accommodate Ministers' and Members' offices from Bowen House which it plans to vacate by 2026. More info here.
  • Ashburton's new library and civic centre: Ashburton District Council has signed a construction contract to build its new library and civic centre. The project has a $55.6M budget of which $42M relates to the building contract. Other costs include enabling works, design and professional fees, information technology and project contingencies. More info here.
  • St John's Oamaru base: St John will continue looking for a new base in Oamaru after the Waitaki District Council voted against leasing Awamoa Park for the town’s new ambulance base. The main concern was the loss of green space. More info here.
  • Alsco's new Nelson premises: Alsco has opened its new $10M premises in Richmond, Nelson. The new premises will enable its Nelson and Motueka operations to be combined. A land swap with Coman Construction enabled the overall cost to be reduced. More info here.

Global corporate real estate news

  • Facebook and remote working: Facebook has joined Twitter and Microsoft in allowing employees to work remotely with approval from their manager. Facebook plans to open its Silicon Valley offices at 10% capacity in May 2021. More info here.
  • Google leased space in Adelaide: Google has leased space in Adelaide’s $2B Lot Fourteen tech hub. The hub is currently under construction. Amazon announced in February that they were also leasing space in the precinct. More info here.
  • Kmart's 52nd K Hub store: Kmart has opened its 52nd K Hub store in Australia. The idea was conceived to turn underperforming Target stores into profitable Kmart locations, especially in remote areas. More info here.
  • Proptech to improve energy consumption: BrainBox AI and Skyfii have partnered with AMP Capital’s Macquarie Centre shopping centre in Sydney to measure real-time occupancy and drive energy efficiencies. More info here.
  • Under Armour's new global HQ: Under Armour is planning to redevelop its waterfront site in Baltimore as a global headquarters by 2025. The project will bring together 1,700 employees currently in the area. The plans are scaled down from the original 2016 plan due to changes in working patterns (hybrid work from home models). More info here.
  • WeWork sued over lease default: A New York landlord is suing WeWork for US$37M after they allegedly failed to pay their rent. The lease was part of a 15-year deal that involved the landlord converting seven floors of space to WeWork's specifications. More info here.
  • McLaren sells its UK headquarters: McLaren has sold its headquarters in Woking, England to New York investment firm Global Net Lease for £170M. The transaction involves a sale and leaseback of the 79,000 sqm facility on a 20-year term. The deal was brokered by Colliers. More info here.
  • DBS trimming office space: DBS Group Holdings are planning to surrender 7,000 sqm of floor space in the Marina Bay Financial Centre in Singapore at the end of the year. The move follows Citigroup and Mizuho Financial who have also dropped space in the city. 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.

View expert

William Silk

Analyst | Stategic Advisory

Auckland CBD

William joined the Strategic Advisory team as an Analyst  in the Auckland CBD office in 2019, after completing studies at The University of Auckland. 

Specialising in reseasrch, reporting and analysis to support strategic commercial proprety decision making. 

View expert