National sales activity in the commercial office, retail and industrial sector in New Zealand reached a high of $7.3 billion from 4724 sales, according to Colliers International’s latest Capital Market Report.

The Colliers report indicated that the very strong commercial property market is about to enter a new pattern of activity, as opposed to approaching a peak.

According to Colliers, last year was an extremely buoyant market generated by local buyer activity and was the second highest year on record for commercial property sales. The result was only eclipsed by the previous year, 2014, with $10.1 billion.

“These last two years of settled sales activity in New Zealand’s commercial property market were in fact stand-outs of the last two decades, and both years’ activity and performance levels are shaping the outlook for 2016 and beyond. This year is already proving a pivotal one in its own right,” the company’s report stated.

Colliers said there’s already $2 billion of commercial sales likely to settle in 2016, made up of properties worth $20 million or more. With the voracious appetite of buyers for property across all price ranges, Colliers forecasts this year is likely to supersede last year — with a total value of sales close to $8 billion. Looking beyond this current strong activity, Colliers stated the country is far from the risks of an overheated or euphoric market.