Total Property -
As Bayleys marks a pivotal 50-year milestone, we’re keeping the pedal to the metal and staying true to the firm’s guiding mantra.
Starting in a basement office in the family home of founders Graham and Pam Bayley in September 1973, Bayleys is now one of the country’s most recognised real estate brands with more than 2,000 people working from 100 offices across both islands and with a presence in Fiji.
As New Zealand’s largest full-service real estate agency with a respected and enviable transactional history, Bayleys has weathered and excelled across market cycles showing proven resilience in the face of a stock market crash, a global financial crisis and a worldwide pandemic.
Our lead article highlights some of the firm’s standout moments and, while the high-profile transactions get the spotlight, it’s important that we acknowledge all the clients that have been on the journey with us – regardless of the value or volume of real estate transacted.
Bayleys has always espoused that first and foremost, it is in the people business. Maximising the value of our clients’ real estate assets remains at the heart of our operations so, with 50 years ticking over, rest assured Bayleys will continue to innovate and maintain its solution-focused service offering.
Anyone can sell property in the good times – but it is during sticky markets and challenging economic and social climates that real estate gets – well, real. Right now, as the cost of debt curve extends, the wider commercial and industrial market is taking a breather.
Transaction data for the six months to end of June 2023 shows deal numbers were down by almost a third on the same period last year – and that was off a comparatively low base following the feverish activity seen at the height of the pandemic.
The $15-20 million segment of the market has seen some significant slowdowns as the bid-ask spread deepens, valuers grapple with shifting playing fields and listed and wholesale purchasers weigh up risk and cost of debt.
The owner-occupier market remains very strong, so stock with vacant possession has been in steady demand, while in the sub-$3 million bracket, activity is steady for good quality investment-grade property.
The leasing sector is buoyant – particularly for industrial offerings, and the office market is resetting as hybrid and remote working models collide with management expectations of a return to the office and as optimal space requirements get clarified.
We’re using the market’s recalibration as a time to fortify Bayleys’ in-house offerings and have further strengthened our senior leadership team and national breadth with the strategic appointment of a new senior director of capital markets, Jason Seymour.
Jason is a stalwart in the commercial and industrial sector with nearly four decades of property experience and will concentrate on our relationships with ultra-high net worth and institutional clients, focusing on cross-border capital flows.
The forthcoming general election may – or may not – change international investment thresholds and responsibilities and, with offshore capital increasingly focused on worldwide diversification across portfolios, Bayleys wants to remain on the front foot.
For half a century, Bayleys has started its own queue, morphed across markets and kept its clients front and centre.
And we’ll keep on doing just that – so get in touch if you’d like to tap into that wealth of industry nous.