Big changes are happening in Wellington. With two main highways into the city, an influx of people, and earthquake restrictions, prices are starting to rise. Naturally people are re-thinking what makes sense for them financially, both on a personal and business level.
On top of this, the new expressway to the Kapiti Coast is making commuting far more practical. Now it’s becoming a more plausible option to live close to the Kapiti beach scene, have a richer lifestyle and still get into work in a reasonable time frame on the highway.
Ultimately this is a great sign for Wellington. It means we’re going to be able to accommodate more people and businesses, and hopefully we’ll be even more of an attractive place to live. In fact, we’re starting to see people and businesses make the move already to make the most of the lower prices before the expressway is fully built, and they aren’t just coming from Wellington or New Zealand, but other places in the world.
… So what does the business future look like in Wellington?
Due to the technology age we are in, we’re expecting many businesses to be able to operate in their own areas where they have access to the staff they need and can be located around like-minded individuals and companies. With tools like Skype and other company communication tools such as Slack, the workplace is accepting more 'work from home' flexibility. It’s much less of a necessity to be in the middle of the CBD.
So how might this all look?
We think Wellington will become an extended city of multiple booming business hubs all connected by short commutes. These hubs will attract very specific talent and talent beds will be arranged by them. With this we will see good growth outside of the typical Wellington CBD. The flow on effect will be better infrastructure and huge growth opportunities in the investment of commercial land and properties all around the skirts of Wellington.
Moreover, if this is true, healthy capital gains will be made.
It's hard to know how these hubs might be arranged—we’re already seeing the early stages of clusters. In Otaki there’s a big cluster of clean tech and distribution companies. Lower Hutt seems to have a hub of industrial companies primarily serving Wellington’s infrastructure, and in Raumati we are seeing some more digital tech companies pop up.
So perhaps one day these areas will become mini cities surrounding Wellington.
The cool part is that we get to build and design these hubs together, as a community!
Anyway, we would love to hear your comments and how you see the future of the Wellington region expanding.
Guest Post written by Otaki Commercial Park
Browse their site here for more info and to view their Commercial Property For Sale