With the commercial property market widely considered to be at the bottom of the real estate cycle, and with economic recovery underway, Bayleys has bolstered its national valuations team to expand its network capability as the market enters a new phase.

The firm’s national director valuations and advisory, Carl Waalkens says the recent closure of Jones Lang LaSalle’s (JLL) Wellington and Christchurch offices presented an opportunity for Bayleys to grow its team, with 12 experienced former JLL valuers joining Bayleys in its central Auckland, Wellington and Christchurch offices.

“These key appointments boost Bayleys’ capability in the rural market, and in plant and machinery valuations, while meshing with broader growth strategies for the valuation arm of the business,” says Waalkens.

“The move further strengthens our position in the commercial, industrial and rural valuations space, and extends our reach and capacity around the country.

“Our teams in Auckland, Hamilton, Wellington, Christchurch, and Queenstown/Wānaka Lakes provide wide-ranging commercial, industrial and residential valuations for mortgage security, rent review and insurance assessment purposes, and consult across a broad range of asset classes including office, retail, industrial, residential, rural and development land.”

Waalkens says the Bayleys advantage lies in leveraging the combined strength of its extensive national agency and consultancy network, by tapping into nationwide data and sentiment.

“Our clients benefit from that national perspective and the insights that come from the sheer amount of transactional data we have to support our professional valuation assessments.

“The last few years have been rocky for the economy and uncertainty can cloud perception of market value. Our clients are wanting or needing to tangibly establish where value lies for a number of different purposes – particularly in a changing lending, sales’, and regulatory environment.”

The government’s Investment Boost scheme announced in the recent Budget 2025 which lets businesses deduct 20 percent of the cost of new assets in the year that they purchase the asset on top of depreciation, is an example Waalkens uses to demonstrate why there will be an uptick in demand for valuation services.

“Investment Boost is a new tax incentive for New Zealand businesses to invest in productive assets like machinery, tools and equipment. When it comes to valuing property, there are a lot of moving parts and Bayleys is right across it as a trusted and preferred provider of independent valuation services.

“On the lending side, Bayleys Valuations has well-established relationships with major banks, as proven advisors with panel recognition.

“This speaks to the market recognition of the Bayleys brand and the confidence seen in our advisory services.”

At an Auckland level, Waalkens says they’re gearing up ahead of Auckland Council delivering its three-yearly property revaluations which will determine rates apportionment in the 2025/2026 rating year.

“The latest valuations ratings are due to be released and Council has signalled that there will be value shifts. In the commercial and industrial space we anticipate high levels of engagement with clients that have large portfolios and we expect there will be a number of objections lodged.”