Commercial Property Rentable Areas

When it comes to commercial property leasing, understanding the intricacies of rentable areas is crucial for both landlords and tenants. The value and rental income are determined based on the size of the property and it’s rentable area, so accuracy is important. Whether you're a property owner, a potential tenant, or simply curious about this field, read on to discover the significance of rentable areas and the role they play in commercial real estate.

Rentable areas encompass the space available for lease within a commercial property. They consist of both usable areas (tenant-occupied spaces) and a proportionate share of common areas, such as lobbies, corridors, and restrooms. These measurements form the foundation for lease agreements, utility cost allocations, and tenant responsibilities. Due to the accuracy required - a rentable area survey is best conducted by a Licensed Cadastral Surveyor.

The Property Council New Zealand has established standardised measurement practices to ensure consistency and transparency across the industry. Their guide, "The Guide for the Measurement of Rentable Areas," serves as a valuable resource for property professionals and stakeholders. By adhering to these measurement standards, property owners and managers can provide accurate and fair representations of rentable areas, fostering trust and confidence among potential tenants.

It is essential to differentiate between usable areas and gross areas within a commercial property. Usable areas refer to the spaces exclusively occupied by tenants, while gross areas encompass both usable areas and a proportional share of common areas. Understanding this distinction helps tenants accurately evaluate their space requirements and provides a basis for rental calculations, lease negotiations, and valuations.

Clear presentation of measured rentable areas is crucial for effective communication between landlords and tenants. Floor plans and diagrams are often utilised to visually represent the different areas and aid in understanding, and again it is a Licensed Cadastral Surveyor who is best placed to prepare these for you.  These visual representations offer a transparent depiction of the space, helping tenants assess their needs and landlords market their properties effectively.

Accurate measurement of rentable areas plays a vital role in the commercial property market. By understanding the principles outlined in the Property Council New Zealand's guide, landlords, tenants, and industry professionals can ensure fair and transparent lease agreements. Whether you're a property owner seeking to attract tenants or a potential tenant evaluating available spaces, knowledge of rentable areas empowers you to make informed decisions.    Give us a call to discuss any support you need in this space.

Stratum Consultants Welcomes Matt Powdrell to its Board of Directors

Stratum Consultants is pleased to announce the appointment of Matt Powdrell to its Board of Directors effective 1st April 2024.   

Matt joined Stratum Consultants in 2013 and has built a strong reputation in his field forming longstanding partnerships with clients.

A seasoned property professional with a wealth of experience across diverse land development projects in the Bay of Plenty region, Matt is a familiar face locally. His contributions have been integral to Stratum Consultants' success thus far, both in his roles as Branch Manager, trusted advisor and partner to clients, and as a practicing Licensed Cadastral Surveyor.

This appointment acknowledges the hard work and dedication demonstrated by Matt delivering outstanding service to clients and the communities we serve. 

Matt joins Stratum’s existing Directors Stephen Bos, Shae Crossan, Brett Farquhar, and TJ Hayward.

Stratum Consultants announced as a finalist in the Southern Cross Wayfinder Awards!

Stratum Consultants has been announced as a finalist in the Southern Cross Wayfinder Awards! 

The New Horizon Award recognises innovation in workplace wellbeing:

A trailblazing business that has innovated and implemented transformative programmes or strategies to enhance the wellbeing of its people.  They are carving new paths for others to follow, showcasing the benefits of investing in the health and happiness of their people and seen positive results.

Our 36-hour work week where we close at noon each Friday has earned us a place as a finalist in this category. 

In late 2022 Stratum Consultants introduced a truly impactful wellness initiative that we believed was the first of its kind in our industry and certainly rare in New Zealand - a Reduced Working Week where all of our offices close at 12 noon on Friday’s for a long weekend, every weekend.  People are paid for a full working week and there is no requirement to ‘make up’ the time.

Our people’s work is demanding and complex.  To provide a genuinely impactful wellness benefit and enable sustained performance we were looking for an ongoing (not one off) benefit for all of our people. We kept coming back to the value of time.

The owners and leadership team considered a variety of other benefits, and were clear that something that provided ongoing benefit was key to sustained and true improvements in wellbeing, and the other element of success is that this initiative is for everyone.  It is not something for only a portion of our people.  We also love the potential for benefits to extend to whānau and communities of our people which is aligned with our organisational values.

We’re thrilled our initiative is being recognised on a national scale.  The winner is announced in November - fingers crossed!

Stratum confirmed as a finalist in the Te Puke Business Excellence Awards

Stratum Consultant’s history in the Bay of Plenty over many decades has meant we’ve been a key part of the evolving Te Puke landscape.  When we say ‘we know this land like the back of our hand’ it’s particularly evident in Te Puke with Stratum shareholders and leaders of our business born and bred locals who are truly passionate about Te Puke’s prosperity.  Our business is to support land and orchard owners and their development projects, but as locals we genuinely care out the broader outcomes and supporting the creation of communities and developments we can feel proud of.

But it’s not all about the projects we’re part of in Te Puke, it’s also how we give back, with Te Puke a key area of focus for our community support.  We sponsor and support a variety of Te Puke groups and are proud to be able to give back in a community we have such strong connections with.

With such a long-standing history in Te Puke it goes without saying that they’re excited to be part of the 2023 Te Puke Business Excellence Awards as a finalist in the Service category.       

CEO appointed at Stratum Consultants as Managing Director retires.

Stratum Consultants is pleased to announce the appointment of Mel Lewis as the Chief Executive Officer.  Mel’s appointment follows an extensive selection process that considered candidates from a range of backgrounds.

Stratum Consultants has experienced strong growth over the past decade, and the retirement of long-standing Managing Director Andrew Robinson created an opportunity to look outside of the business to bring in a new skillset as the business enters its next phase of transformation.

Mel Lewis joins the organisation with extensive experience in the wider property sector having served as the Chief Operating Officer at Quotable Value (QV), but with a long tenure at QV in a variety of executive, operational, and project roles.  Mel has a Bachelor of Business Studies (Valuation and Property Management), a Master of Business Administration, is a Registered Valuer, and a Senior member of the Property Institute of New Zealand.

Mel will succeed Managing Director Andrew Robinson who had signalled his intention to retire 18 months ago. Mel’s appointment is a key step in Stratum’s succession and continuity planning. Mel and Andrew are currently part way through a four month transition period through to the 31st of March when Andrew will officially step down.

Andrew is well known locally and has been instrumental in the success of Stratum Consultants to date, both as the leader in his Managing Director role, but also a practicing civil and geotechnical engineer involved in several noteworthy land development projects in the Bay of Plenty.  The Stratum Consultants Board thank Andrew for his years of service and wish him all the best in his retirement.