Hamilton's central city is thriving, with a 35% rise in commercial development during the past 12 months. Currently there is 40,994m2 of commercial development happening across the central city, up from 30,272m2 only 12 months ago.
An economic engine room
Hamilton’s central city supports 21,400 jobs, has 2650 businesses and generates $3.2 billion of our city’s GDP (about 25%). The central city saw growth across all three of these areas in 2022, with jobs increasing 3%, the number of businesses up 4% and GDP rising 7%.
It is also home to 76% of the city’s financial and insurance service jobs, 52% of information media and telecommunications jobs, and 54% of public administration and safety jobs.
The second half of 2022 saw a strong increase in foot traffic in the central city, a measure that is indicative of commercial activity. Commercial development includes office space, retail stores, restaurants, business services and accommodation.
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Building excitement
Tainui Group Holdings recently completed Amohia Ake, the new regional offices for ACC located on the corner of Collingwood and Tristram streets. The three-pavilion, 8500m2 project is designed for 800 staff and includes 82 bike parks, end-of-trip facilities and 12 charging stations for electric vehicles.
Construction of the 23,000m2 Union Square mixed-use development is currently focused on a second office building with about 5000m2 of office space. It is 90% preleased and set to open in late 2023.
Completed buildings at Union Square include a garage for tenants with 327 carparks, end-of-trip facilities, and e-bike storage. A four-storey office building opened in 2021 and is home to Rabobank, Craigs Investment Partners, and AA Insurance.
Full speed ahead for infrastructure
In November 2022, the Government confirmed $150.6 million of Infrastructure Acceleration Fund (IAF) support for the central city. This funding will support the delivery of a new water reservoir and pump station, a new pedestrian and cycling bridge across the Waikato River, as well as investigations into other strategic water and transport infrastructure to service the central city.
Over the next 10 years, Council predicts about 4000 new homes and more than 300,000m2 of additional commercial development in the central city.
Getting down to business
Council’s meetings with employers to discuss key enablers for their growth has repeatedly highlighted a strong desire for additional business hotel options. Council’s Economic Development Committee has targeted the end of 2023 for confirming development plans to bring a new 4+ star hotel to the central city.
Find out more about Hamilton's economic development
Data Sources: Hamilton City Council, Infometrics, Marketview