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Market challenges Upward pressure on construction costs There’s no doubting the last few years have been challenging ones for the property sector, which has experienced significant increases in the price of commercial construction since the pandemic.
Veriu Group CEO, Zed Sanjana, and developer Tim Gurner are celebrating a successful first six months of Veriu Collingwood, with the apartment hotel garnering strong occupancy and room rates since opening. But in terms of the cost of construction, it doesn’t help to solve that at all.
Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.
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