This podcast episode features Jason Luckhardt, National Manager, with NAI Harcourts. We reached Mr. Luckhardt at his primary office in Brisbane, Australia.
NAI Harcourts is the NAI Global affiliate in both Australia and New Zealand with well-over 20 offices combined that serve every primary metro region as well as the two countries’ regional and more-rural communities. Operated as a franchise model in both countries, NAI Harcourts provides advisory and brokerage services to commercial property occupiers, investors and developers in the core segments of industrial, office and retail real estate, while the Harcourts operation is one of the leading residential real estate service providers in Australia and New Zealand.
The Australian economy is largely driven by natural resources (coal and others), mining, and food exports (beef, sheep and seafood including lobsters) while New Zealand’s economy is heavily agricultural, particularly with livestock. Perth, located on the West Coast of Australia (and some 2,044 air miles from Sydney, whereas San Francisco to New York is 2,566 air miles), is where the majority of the country’s mining exports (iron ore and gold) are generated. Consequentially, Perth is home to many of Australia’s wealthiest people.
Both countries offer incredibly beautiful landscapes, beaches, mountains, and experience strong tourism. Their largest trading partners are China, Indonesia, Papua New Guinea, and increasingly, Vietnam.
In recent years, there has been a significant influx of immigration to Australia and the country is dealing with housing shortages and processing new residents. Australia’s population is approximately 27 million while New Zealand’s is 6 million.
Speaking with Luckhardt revealed some similarities to the U.S. economy, such as the accelerated shift to online retail – even though city center malls are thriving with entertainment-themed venues and there has been a resurgence in high-end clothing and accessories stores.
Regarding industrial space, the most entertaining segment of the podcast was during the discussion of what’s driving industrial demand: mancaves. Yes, those!
Australia remains an attractive international investment because of its stability and governance and is a sought-after country in which to do business, with Luckhardt noting that his office in Melbourne had recently completed some leasing transactions that were referred by Matt Swash and the team at NAI UK in London.
He also noted that NAI Global will be hosting an Asia Pacific conference in Vietnam in the spring of 2025.