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JLL New Zealand Appoints Chris Dibble As New Head Of Research NZ And Strategic Consulting Auckland
Strategic appointment enables JLL New Zealand to continue to innovate and provide unparalleled value to clients.
New Zealand – 2 September 2024 – JLL New Zealand is pleased to welcome Chris Dibble as its new Head of Research, New Zealand and Strategic Consulting, Auckland. This appointment reinforces JLL’s commitment to delivering cutting-edge research and strategic consulting services across New Zealand.
Dibble joins JLL from Colliers NZ, with almost two decades’ experience in the property industry including a previous role as JLL’s Associate Director, Research and Consulting.
Managing Director of JLL New Zealand, Todd Lauchlan says, “Chris’s appointment marks an exciting moment for JLL New Zealand. His deep knowledge of the New Zealand market and his expertise in leading research and consultancy teams will be invaluable as he takes the helm of JLL’s research division. His proven track record and deep industry knowledge will greatly enhance our research and consulting capabilities, critical to ensuring we remain at the forefront of market trends and client needs.”
Commenting on his new role, Dibble says JLL’s global reach, innovative approach, and commitment to data-driven insights align with his passion for leveraging research to drive strategic decisions.
“I’m particularly excited about the opportunity to collaborate with a talented team locally and globally, to push the boundaries of market research and consultancy advice. My aim is to help JLL continue to innovate and provide unparalleled value to our clients."
Chris’s appointment will enable JLL’s former Head of Research, Gavin Read, to fully dedicate himself to his responsibilities as Head of Risk and Advisory, a move that enhances the firm’s capacity to provide specialised expertise in both areas. Lauchlan says this realignment ensures JLL continues to deliver the highest standards of service to its clients.
“JLL New Zealand is committed to providing market-leading insights and strategic advice to help clients navigate the complexities of the property market. With Chris Dibble leading the research team, JLL is confident in its ability to continue offering specialised knowledge and unrivalled local and global perspectives to its clients across New Zealand.”
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
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Prime yields in NZ meeting in the middle
New Zealand is an attractive real estate investment destination for offshore capital sources. Investors are drawn to New Zealand’s strong GDP growth, liveability attributes (supporting population growth), transparent real estate markets and, particularly for core investors, low volatility of returns through property market cycles. As a result, we have seen a strong uptick in investment volumes in the New Zealand real estate market since 2014 (30% from offshore). A decline in 2020 was partly due to COVID-19 but also limited product availability.
Transaction trends
Figures 1: NZ annual sale transaction by sector
Source: JLL Research and Consulting
The office sector remains the most traded (in terms of NZ$ transacted), but industrial transactions have grown significantly over the last six years. In 2014, office contributed to 42 per cent of the total NZ transaction volume, retail 40% and industrial only 10%. Fast-forward to 2019 (pre-COVID), office and industrial equally contributed around 32 per cent of NZ transaction volume.
Figures 2: NZ annual sale transaction – Office and Industrial
The lockdowns and border closures of 2020 slowed the market, resulting in transaction volume falling by 36 per cent year-on-year. Despite this, quality office and industrial assets with strong covenants continued to attract strong interest (42% and 40% of total transactions, respectively).
Prime asset yield compression
Prime office and industrial yields have followed a clear downward trajectory over the past 20 years. More recently, prime office and industrial yields have converged (Figure 3) as investors focus on individual asset investment quality and have a greater understanding of the strengths underpinning industrial and logistics.
In Auckland specifically, the yield spread had narrowed to 6 bps between the average prime office yield (4.69%) and the average prime industrial yield (4.75%) in 4Q20. Compare this to 20 years ago, the spread was then 88 bps (9.63% versus 10.50%).
We believe there are six key risk factors that influence real estate asset selection – location, characteristics, quality of covenant, Weighted Average Lease Expiry (WALE), outstanding capex requirements, and rent profiles relative to the market.
These factors are not weighted equally and are highly dependent on the macroeconomic environment, but all are key considerations for investors. In an environment of uncertainty, investors are gravitating towards prime/modern assets with a long WALE profile. This has resulted in the convergence of prime office and industrial yields.
Figures 3: Prime office and industrial yield
Source: JLL Research and Consulting; Reverse Index 4Q20 = 100
Bond yields have also converged across mature economies, as illustrated in Figure 4 (although continue to be volatile in the short term, e.g., NZ has jumped to 1.7% in 2021). This reflects a lower return environment and Central Bank intervention in many parts of the world during and after the Global Financial Crisis to promote continued economic activity.
Often used as an important benchmark and with a close relationship with property yields, the structural decline in bond yield levels normally puts downward pressure on market risk premiums and, therefore, on prime property yields to compress.
Like bond yields converging across mature economies, prime office and industrial yields across Auckland, Wellington, and Christchurch are also converging, as illustrated in Figure 3 .
Figures 4: Mature economies 10-year Government bond rates
Source: JLL Research and Consulting, Oxford Economics
As New Zealand continues its economic recovery path, we believe that prime office and industrial assets will be attractive to domestic investors and offshore capital sources.
A number of offshore capital sources view New Zealand as an extension of their Australian investment mandate and will seek exposure to New Zealand as part of a diversified Asia Pacific real estate portfolio.
Core assets with long WALEs and strong covenants will see strong investor interest in 2021. However, an improvement in the economy will see the number of core plus/value add mandates increase as some investors take on additional risk to generate higher returns.
More on 'Office' in 'New Zealand'
- New Zealanders getting the hybrid work balance right October 20, 2023
- Are interest rates at their peak in New Zealand? July 21, 2023
- Demand for prime office space tightens across New Zealand November 3, 2022
- In New Zealand, office is clearly here to stay! January 25, 2022
- NZ wagers short GDP hit on a quick recovery November 3, 2020
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IMAGES
VIDEO
COMMENTS
JLL New Zealand's Market Dynamics report provides property insights into how the office, retail, and industrial sectors are faring across Auckland, Wellington, and Christchurch. Our real estate market research is based on data from several reputable sources including on-the-ground insights from our own departments.
Despite a relatively subdued 2023, JLL's research points to a bounce-back in investment activity in 2024. Transaction volumes are projected to exceed NZD$250 million, supported by offshore capital, as investors seek stable, long-term performance and a potential hedge against inflation. Looking ahead, New Zealand is well-positioned to attract ...
Auckland's North-Shore and North-West saw net prime rents increase by 2.0% to reach $206 per square metre. Average net prime rents in Christchurch's industrial sector rose by, +4.4% to $155 per square metre, in Q1 2024. In Wellington, average gross prime rents also rose considerably, by 2.8% to $192 per square metre.
Demand for prime office space tightens across New Zealand. Residential | New Zealand.
Source: JLL Research. Offshore capital has shown a growing interest in understanding the broader New Zealand narrative and its retail market. This trend provides a firm foundation for the retail asset class as we venture into 2024. Considering our position at this time last year, there is now a cautious sense of optimism for the sector.
JLL recently passed the milestone of 10 years, analysing New Zealand's retirement village and aged care industry. The key insights from our latest data are: Retirement villages across New Zealand continue to deliver new units to meet increasing demand, however, demand is outstripping the existing development pipeline. New Zealand's population is ageing, which will continue […]
New Zealand is a shining example of how organisations are encouraging employees to return to the office. Globally, occupiers are learning how to bring their teams back together in the office. In a post-pandemic world, some are finding this more difficult than others. In JLL NZ's 2023 Office Sentiment Survey, we asked how satisfied employees […]
Source: JLL Research. Offshore capital has shown a growing interest in understanding the broader New Zealand narrative and its retail market. This trend provides a firm foundation for the retail asset class as we venture into 2024. Considering our position at this time last year, there is now a cautious sense of optimism for the sector.
Source: JLL NZ 3Q22. As New Zealand ages, so does the number of people aged 75+, creating continued demand for accommodation, which will be of significant interest to retirement village and aged care sector investment. In 2021 there were estimated to be almost 345,960 people who were 75+ years of age, which is up 13,960 from 2020.
Download your copy of JLL's Foodservice Trends 2020 report, exploring the areas behind the global F&B market growth and regional influences. Research January 14. You can count on the JLL team to provide the most accurate commercial property insights for New Zealand. Read property insights from our experts here.
New Zealand - 2 September 2024 - JLL New Zealand is pleased to welcome Chris Dibble as its new Head of Research, New Zealand and Strategic Consulting, Auckland. This appointment reinforces JLL ...
Source: JLL Research. Offshore capital has shown a growing interest in understanding the broader New Zealand narrative and its retail market. This trend provides a firm foundation for the retail asset class as we venture into 2024. Considering our position at this time last year, there is now a cautious sense of optimism for the sector.
In Auckland specifically, the yield spread had narrowed to 6 bps between the average prime office yield (4.69%) and the average prime industrial yield (4.75%) in 4Q20. Compare this to 20 years ago, the spread was then 88 bps (9.63% versus 10.50%). We believe there are six key risk factors that influence real estate asset selection - location ...
This year, we draw on the experience of over 2,300 CRE decision-makers and the perspectives of JLL experts, highlighting the key areas of focus and strategies CRE leaders should be prioritizing over the next 12-24 months and beyond. Future of Work 2024 is part of JLL's Future Vision program, a scenario-led exploration of the future of Real ...
The office remains integral to corporate strategy. 'Office nostalgia' is prominent and most pronounced in outstanding offices, meaning the office has a major role to play in navigating periods of uncertainty. 85% of employees now want to be in the office full time or at least 2-4 days a week, and only 2% want to work from home permanently.
Source: JLL Research and Consulting; Reverse Index 4Q20 = 100. Bond yields have also converged across mature economies, as illustrated in Figure 4 (although continue to be volatile in the short term, e.g., NZ has jumped to 1.7% in 2021).This reflects a lower return environment and Central Bank intervention in many parts of the world during and after the Global Financial Crisis to promote ...
Mon, 02 Sep 2024. JLL New Zealand has appointed Chris Dibble as its new head of research, New Zealand and strategic consulting, Auckland. The appointment reinforces JLL's commitment to delivering cutting-edge research and strategic consulting services across New Zealand. Dibble joins JLL from Colliers NZ, with almost two decades' experience ...
August 28, 2024. Contributors: Gavin Read. Hina Imran. In our latest analysis of the Retirement Villages and Aged Care sectors across Aotearoa, 2,298 units were completed in the year ending 31 st December 2023, which is higher than the 5-year average growth in units of 1,913, and the 10-year average of 1,696 units.
Overall, we expect Australasian office sector investment volumes will be 10% to 15% higher in 2022 than 2021 levels. Organisations are gravitating towards higher quality office assets with strong ESG credentials. Space availability in office assets less than 10 years old is limited and we expect to see new pre-commitment enquiry emerge over 2022.
JLL's regular view on global real estate dynamics, covering: investment, office, logistics, retail, hotels and living, as well as CRE market trends. It is a unique combination of updates from professionals on the ground and insights from our leading research experts. Research August 14. Investor.
Source: JLL Medium lease terms continue to be the norm. While the majority of occupiers committing to short-to-medium lease terms, many owners believe this was in effect before any impact of COVID-19. 47% of new lease terms are between 1-3 years, and 34% are between 4-6 years, while our respondents reported extremely high levels of occupancy ...
Design and deliver real estate projects with Jones Lang Lasalle. Breathe life into spaces new and old. ... New Zealand | July 31, 2024 New Zealand Market Dynamics - Q2 2024 ... Occupancy planning for a clinical research firm. JLL seamlessly restacked employees and business units without impact to operations. Created space for additional ...
Yet while corporate demand for sustainable buildings will increase, supply is struggling to keep pace. Across 20 major global office markets, only 34% of future demand for low carbon workspace will be met in the next several years, JLL research shows. In other words, for every 3 square meters of demand, only 1 square meter is in the current ...
JLL's New Zealand Office Market Snapshots provide property insights into how the office market is faring across Auckland, Wellington, and Christchurch. Our real estate market research is based on data from several reputable sources including on-the-ground insights from our own departments. Occupiers continue to seek properties that are better ...
Ms Sheridan has 17 years' experience in the marketing and communications industry, most recently as JLL's Head of Marketing in New Zealand for two years. Dan Kernaghan, JLL's CEO - Australia & New Zealand, said, "We are thrilled to announce Lydia as the new Head of Marketing for JLL Australia and New Zealand. Her appointment marks a ...