A top-performing commercial real estate expert with Bayleys, Gill Ireland brings international experience to her work in New Zealand. Known for her market insights and approachable style, Gill helps clients navigate everything from multi-million-dollar acquisitions to small leases with tailored solutions. She sits down with Nelson Magazine to talk about where the sector is at, offering practical advice to anyone looking to invest.
How would you describe the current state of commercial real estate in New Zealand?
We’re seeing positive activity coming back to the market which is picking up both nationally and locally. Overall, the commercial market is gaining interest and there are great developments happening such as Morrison Square and the Westpac building. Despite recent challenges, there’s a real sense of regeneration – people with vision and passion are reshaping the city. It’s uplifting, and it’s important that we keep our eyes on that horizon. The end of a tough cycle is in sight, and with it comes fresh energy and optimism.
What are the biggest challenges property owners and tenants are facing?
Development costs remain high, which creates barriers. Property owners are dealing with high outgoings that flow through to tenants. High interest rates have hit pockets hard, but with the current rate cuts, we should see improved spending power. Globally New Zealand continues to be seen as a safe haven. I’m hopeful that this summer brings a resurgence of optimism, compassion, and confidence in the market.
How is sustainability influencing commercial property?
Sustainability is a key driver overseas, and we’re seeing that influence growing here. Many banks and lenders now prefer – or even require – sustainability to be built into projects before they’ll invest. This is filtering into design and construction standards, as well as tenant requirements.
What mistakes do you see people make when acquiring or leasing property?
A big one is not engaging a commercial property manager. There are so many aspects to manage, and without a professional, things can easily go wrong. For business owners, I always recommend having a good mentor. And for those entering commercial leases, make sure you understand your legal responsibilities within a lease. That’s paramount.
What trends will shape the commercial sector?
Sustainability will keep growing in importance. The full extent of the latest seismic report from the government is expected to have a positive effect on the market, especially heritage buildings. And of course, AI – it’s advancing fast and will infiltrate every aspect of business, property and life. The key will be to stay informed and adaptable.
What advice would you give someone buying commercial property?
Talk to professionals. Engage with agents, banks, lenders, lawyers, and accountants. Diversify your investments and never rely on one source of advice or income. That’s where Bayleys really stands out. We’re the largest full-service agency in New Zealand, specialising in every area of real estate. We collaborate nationally, offering clients information for every decision. No one person can know everything – and that’s the strength of working with a national team.
