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Yet more supply to come on stream

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  • Yet more supply to come on stream

    It's incredible to see South Korean developer Dae Ju starting to build a 37,000 sqm, 26-level office block on the old Auckland Star site on 20-28 Shortland St (Fort St).

    Zoltan Moricz, research and consulting director at CB Richard Ellis, said there was enough vacant office space for 7000 workers in the CBD. Auckland has about 100,000sq m of internal commercial floorspace vacant.
    There is already a lot of vacant offices coming on to the market. Even the new AMP Trust Office building and Deloitte Centre are suffering.

    I think office rents will drop significantly over the next few years.


    Details: http://www.nzherald.co.nz/property/n...ectid=10565759

  • #2
    Yes, fudosan, but when the building is finished we will be in the middle of the next boom.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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    • #3
      Fudosan, they say in the article they won't start until they have anchor tenants.

      So I reckon it may not start at all for some years.

      David
      Squadly dinky do!

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      • #4
        Thanks David for pointing out the most important part of the story that I overlooked. It will be very challenging to find major tenants now, if Deloitte Centre has already lost lease of two floors of space before it's completed.

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        • #5
          Yeah and aren't they looking for tenants for No. 21 Queen St? The ANZO property?

          So quite a bit of space to be filled isn't there?

          David
          Squadly dinky do!

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