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Research Papers, Lincoln University

Prior to the devastating 2010 and 2011 earthquakes, parts of the CBD of Christchurch, New Zealand were undergoing revitalisation incorporating aspects of adaptive reuse and gentrification. Such areas were often characterised by a variety of bars, restaurants, and retail outlets of an “alternative” or “bohemian” style. These early 20th century buildings also exhibited relatively low rents and a somewhat chaotic and loosely planned property development approach by small scale developers. Almost all of these buildings were demolished following the earthquakes and a cordon placed around the CBD for several years. A paper presented at the ERES conference in 2013 presented preliminary results, from observation of post-earthquake public meetings and interviews with displaced CBD retailers. This paper highlighted a strongly held fear that the rebuild of the central city, then about to begin, would result in a very different style and cost structure from that which previously existed. As a result, permanent exclusion from the CBD of the types of businesses that previously characterised the successfully revitalised areas would occur. Five years further on, new CBD retail and office buildings have been constructed, but large areas of land between them remain vacant and the new buildings completed are often having difficulty attracting tenants. This paper reports on the further development of this long-term Christchurch case study and examines if the earlier predictions of the displaced retailers are coming true, in that a new CBD that largely mimics a suburban mall in style and tenancy mix, inherently loses some of its competitive advantage?

Research Papers, Lincoln University

Disasters are often followed by a large-scale stimulus supporting the economy through the built environment, which can last years. During this time, official economic indicators tend to suggest the economy is doing well, but as activity winds down, the sentiment can quickly change. In response to the damaging 2011 earthquakes in Canterbury, New Zealand, the regional economy outpaced national economic growth rates for several years during the rebuild. The repair work on the built environment created years of elevated building activity. However, after the peak of the rebuilding activity, as economic and employment growth retracts below national growth, we are left with the question of how the underlying economy performs during large scale stimulus activity in the built environment. This paper assesses the performance of the underlying economy by quantifying the usual, demand-driven level of building activity at this time. Applying an Input–Output approach and excluding the economic benefit gained from the investment stimulus reveals the performance of the underlying economy. The results reveal a strong growing underlying economy, and while convergence was expected as the stimulus slowed down, the results found that growth had already crossed over for some time. The results reveal that the investment stimulus provides an initial 1.5% to 2% growth buffer from the underlying economy before the growth rates cross over. This supports short-term economic recovery and enables the underlying economy to transition away from a significant rebuild stimulus. Once the growth crosses over, five years after the disaster, economic growth in the underlying economy remains buoyant even if official regional economic data suggest otherwise.