The global property boom of the 1980s and its aftermath has prompted considerable debate among academics. For the most part research has been directed toward the global cities of London, New York and Tokyo. Notwithstanding the significance of property processes within these global cities, metropolitan areas outside of the core financial centres have also experienced major transformations in their property markets. This paper examines the character of Auckland's speculative office property boom of the 1980s which resulted in a level of output comparable to global cities such as Paris and Frankfurt. We argue that the wholesale reregulation of the New Zealand economy in the 1980s, and in particular the liberalization of financial markets and the share market, provided a context in which the structure of agents associated with the provision of office space was radically altered. The rise of property companies, and their dominance of the development process throughout the boom and subsequent crash, is detailed. Whilst Auckland's property boom conforms to the global experience, we argue that the specific character and intensity of the development process in Auckland highlights the need to appreciate the 'particularity of place'. Copyright Joint Editors and Blackwell Publishers Ltd 1997.
Abstract:The 22 February 2011 Canterbury earthquake had a devastating impact on Christchurch property with significant damage caused to land and buildings. As at March 2012, around 747 buildings have been demolished in central Christchurch. In addition, around 165 buildings have either been partially demolished or identified to be partially demolished (CERA, 2012).The broad aims of the research were to (i) examine the nature and extent of the CBD office relocation, (ii) determine occupier's perceptions of the future: their location and space needs post the February earthquake, and the likelihood of relocating back to the CBD after the rebuild, and (iii) find out what occupiers see as the future of the CBD, and how they want this to look. To address these issues, an online survey was developed. Potential respondents were obtained from two sources: 275 suburban office occupier contact details obtained from a physical survey of office occupiers as of August 2011, and 368 contacts obtained from a business database held by CB Richard Ellis.With a 22% response rate, 55% of respondents were relocated CBD occupiers and 45% were existing suburban office occupiers. Results indicate that 66% of respondents have reduced their office size since the earthquakes. Half of businesses are paying less rent than before the earthquake, probably due to 45% of respondents being in poorer quality space. More than a quarter of relocated tenants have signed leases of one year or less, and 27% of businesses are now working out of residential premises. Of the businesses that relocated out of the CBD the biggest group (38%) want to return to the CBD into low-rise buildings of 3 floors or less (80%) that meet Earth Quake codes with good amenities and public transport. The speed of rebuild is important to respondents.
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