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Changing world, changing property market

Technology and changes to the way people work are set to transform the commercial property sector and investors need to be attuned to these developments.

Thursday, April 11th 2019, 10:07AM

by The Landlord

That’s according to an expert in property technology who is in New Zealand to speak at a series of events put on by global real estate services firm JLL.

Jordan Kostelac, who is JLL’s Asia-Pacific director of PropTech, says the future of PropTech includes buildings with augmented capabilities.

“So that’s the ability to hold a device up to a building and see all its vital data, inspect plans, get instructions for repairs, or report an issue.”

There is a host of disruptors set to dramatically impact on commercial property in the next three years, he says.

They include the “sharing economy” and co-working, which emphasise communal spaces, and the Internet of Things, which allows devices to talk to each other and thereby streamline our activities.

“Commercial tenants and buyers have rising technology expectations, requiring more expenditure upfront,” Kostelac adds.

Additionally, these changes are leading to an increasing blurring of the lines between property sectors and a greater focus on providing a product for consumption.

JLL New Zealand head of research and consultancy Paul Winstanley says the future of work – whether in the office, shop or warehouse – is in combining creature comforts with a collaborative, carefully-crafted workspaces infused with technology.

"Retail is drawing customers with innovations like ‘enter-tailing’, combining retail with entertainment.

“Industrial is no longer solely driven by manufacturing but also logistics or the opportunity to switch to big box retail. And, of course, residential now needs to be geared to be able to work from home."

He says that in Auckland all of this ties in with the Council's future plans for the city.

"Their concept is to work, play, and live; all in one space with convenience, the value of time, better transportation options, and improved shared spaces being at the heart of the city’s future development."

But it means that low-tech properties are increasingly difficult to sell or let, Winstanley says.

“Across the country we’re seeing wider gaps in yield trends for prime and secondary assets, across industrial, retail and office.”

Read more:

Growth in NZ demand for co-working space

Embrace work space changes 

Tags: Auckland Auckland Council commercial property investment property investment property management technology tenants

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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