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The latest electronic spend data shows Hamilton’s CBD has enjoyed another record-breaking year, up over $20 million up on spending the previous year to $656m. The sector enjoying the highest spend continues to be food and beverage at over 40% of total spend, with the other retail sector which includes cars, pharmaceuticals and travel coming in second and the hospitality sector coming in at third.
Vanessa Williams, Hamilton Central Business Association General Manager, attributes this increased spend to a variety of factors working to the benefit of the central city. “We have more businesses moving in the city centre, combined with consolidation of business locations to single sites, more residential build development increasing inner city living, a thriving events scene, including both local and major events, as well as ongoing commercial development at every turn.”
“In addition to this with over 22,000 people working in the CBD each day, city businesses can take advantage of a large buying audience right on their doorstep. Likewise, city workers are able to access an enormous range of products and services and city amenities within walking distance of their place of work.”
CBRE Research and NAI Harcourts have just released the Hamilton Retail Occupancy Survey, reporting on vacancy rates, stock levels and the overall tenancy mix of the CBD. The central city retail vacancy rates show another decrease down to 6.2%, which is near a historic low. The main reason for the decrease has been attributed to large amounts of stock being withdrawn from the market for redevelopment or refurbishment. This is a positive trend for the city, with the market dictating the need for high quality space and the commercial sector responding accordingly.
“The city is continuing to adapt to market demands,” says Mike Neale, Managing Director NAI Harcourts. “The marketplace is moving towards quality, smaller spaces with more amenities. Big block style retail is somewhat a model of the past and landlords are now creating more adaptable, functional spaces that can incorporate more than one offering or tenancy.”
Pedestrian counts are continuing to inform the commercial sector, with recent December comparable data showing that CBD was over 10% busier than last year in the 10 days before Christmas and 16.8% busier than last year Boxing Day to New Years Eve.
Hamilton’s CBD is going from strength to strength and continues to build on its solid commercial foundation providing strong economic benefit to its businesses and the local economy.
