James Bangerter, Commercial Property Management Team Leader, provides an update on how our Commercial Team has been going over the last few months.
The last six to eight months has seen a huge impact on the commercial property industry with most tenants and landlords being effected in some way by the COVID-19 situation. From APM’s perspective we are glad to see that the majority of our clients have been able to weather the storm and so far survived the period. We know it has not been easy for most but thankfully we have managed to broker negotiations between tenants and landlords so rent relief can be granted where needed which has helped tremendously in getting businesses through this difficult time. This negotiating between parties and an overall increase in assisting our tenants and landlords with advice and budgeting has increased the Commercial Division’s workload, and I am very proud with how we have adapted as much as our clients have through this time.
We have found that the hardest hit have been Travel Agents who are still finding that business is almost non-existent, not far behind are cafes, restaurants and takeaways all of which have had to adapt to a new way of trading which will probably continue in some way indefinitely. We have found that some of our tenants have had to downsize or in some cases shifted their business to working from their homes which has created some vacancies within the portfolio. Fortunately we have found that leasing activity has been high and vacant units have not stayed vacant for long. We put this down to larger businesses downsizing and returning Kiwis starting businesses here in Auckland.
A positive note for us also is an increase of enquiry from landlords wanting to know about our services. They have been either managing their properties themselves and have found the extra work throughout this difficult time too much or their current management company have not dealt with the negotiations well. I am pleased that we have gained a number of new clients in this time and look forward to helping them and others the best we can.
Team Leader – Commercial Property Management
Auckland Property Management
If you have any questions about the management of your commercial property, feel free to get in touch with our team on the online form below.