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  1. #1
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default Crazy rent: best office building for only $290/sqm

    Vero Centre, considered the best office building in the country, has lots of empty space now. A rough calculation based on known figures alone point to over 10% vacancy.

    So, why go to other grade buildings when you can get the best for only $290/sqm?

    As marketed by Vero Centre management:
    Available Areas
    Level 09
    Level 10
    Level 23
    Part Level 31
    Part Level 34
    Source: http://www.verocentre.co.nz/space-for-lease


    How about subleases?
    For Lease
    The Vero Building
    48 Shortland Street
    Areas available from 293m2 to 633m2.
    - Sublease $290/sqm
    - Half floor: 633sqm (340sqm+ 293sqm)
    - Good quality fitout with panoramic views
    - Premium executive offices
    - NZ's premium office tower
    Source: http://www.realcommercial.co.nz/real...r+sale/5545877

  2. #2
    Join Date
    Sep 2009
    Location
    Republic of Ponsonby
    Posts
    84

    Default

    The issue with subleases, and the real commercial link doesn't mention it, but what sort of lease length have you got. $290 psm is great value in that building, but if you can only be there for 12 - 18 months before the headlease runs out, then its not much good to many businesses.

    I recall one of the top floors leasing (might have been a renewal) at $600 psm at the start of last year. With opex is was a occupancy cost of $750 psm as KIPT structure their opex to be more expensive at the top of the building.

  3. #3
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    Good point, Mr. Bond. Now if the sublease term is too short, who will bother signing up anyway? BTW, I understand this sublease is a result of Hanover Finance gone from this building.

    I recall one of the top floors leasing (might have been a renewal) at $600 psm at the start of last year. building.
    A recent normal lease ad I saw was asking $278,269 on 612sqm or $455/sqm.

  4. #4
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    This is even crazier!

    $80/sqm for an office in Centre Court building at 131 Queen Street.

    I saw this big sign on the building while I was doing my usual round of touring the Auckland CBD yesterday.

  5. #5
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    Or how about $177/sqm in Bob Jones's Forsyth Barr Towe at 55 Shortland Street.

    Location: City Centre
    Property use: Office
    Floor area: 1,000m2
    Price: Asking price $177,888 per annum excl. GST
    Property ID#: AWC272
    For Lease on the 5th floor in one of Auckland's most prestigious locations in downtown Auckland.
    Source: http://www.trademe.co.nz/Browse/List...x?id=257900111


 

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