Photo: Gerard O'BrienProperty brokers expect a bumper year for commercial property in 2020, supported by business relocations, engineering and manufacturing expansion and the trend towards shared space. Like its overheated residential counterpart, centrally located freehold commercial property is like hen’s teeth in in Dunedin, as occupiers and investors alike struggle to find quality options. That follows economic and tourism growth, low interest rates and major new property investment by the University of Otago, harbourside development and the $1.4billion hospital development, Colliers says. Brokers say gentrified areas such as Vogel St had continued to attract businesses on the strength of other attractions, including cafes and shops and available parking. The trend towards shared office space, through brands such as Regus, Innov8HQ, The Distiller and Petridish had ‘repurposed’’ older buildings.

Source: Otago Daily Times December 17, 2019 15:33 UTC