Demand for local commercial property ramps up
Demand for commercial property is on the rise as more businesses look to Canterbury as a permanent base, says a local industry specialist.
Sam Thorp – who has recently been promoted to partner at leading law firm White Fox & Jones – anticipates further growth in the commercial property sector over the next six months.
“Commercial property transactions have been picking up quite rapidly in the last couple of months,” he says. “It’s not at that postCovid level when the sector experienced a significant boom, but it has certainly increased from 2023, when high construction costs and interest rates slowed commercial property development.”
The highly anticipated 35-lot Rangiora Business Hub, the sale of the former IRD building, the expansion of the Forté Health precinct and the new park-and-ride facility servicing Christchurch Airport are just some of the recent high-profile projects that Thorp and the team at White Fox & Jones have been working on.
“In terms of existing property, there is a strong leasing demand for both offices and industrial spaces,” says Thorp. “This is due to a lack of supply with building costs remaining high, and suitable land hard to come by. It’s often more economical for businesses to fit out an existing premises.”
Office, retail and industrial vacancies are at record lows and, while rents are rising, they are still comparatively low to other main centres in New Zealand. The lack of supply is further exacerbated by the number of businesses moving their operations or expanding them into the Canterbury region due to the ease of doing business, coupled with lower living costs for employees.
“We work alongside entrepreneurial clients who are eager to challenge the status quo and take calculated risks,” Thorp says. “As a firm, our approach is to collaboratively support them – from start to finish – all the while, ensuring they are legally well-informed to achieve their desired results.”
Thorp has built a strong client base during his seven years at White Fox & Jones, which has offices in central Christchurch, Ashburton and Methven. As a specialist in business, commercial and residential property law, he works with councils, real estate agents, banks and other stakeholders to ensure the best-possible outcomes for all property transactions and developments.
After graduating from the University of Canterbury in 2017, Thorp started his career with the White Fox & Jones team as a junior solicitor and has rapidly worked up the ranks to partner. This is due to his strong negotiation, communication and relationship management skills, commercial property knowledge and pragmatic approach to complex transactions.
“Canterbury is a great place to live and progress a business, and we are seeing that reflected in the commercial property sector right now,” adds Thorp.
“I’m fortunate to be able to work with an exceptional team and fantastic clients, and to assist in executing significant projects and developments in Christchurch and around NZ. It’s very rewarding for us to help clients achieve their goals and contribute to their ongoing success.”