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Old October 10th, 2017, 12:35 AM   #3021
jarden
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Rebuild leaves Christchurch with a glut of office space, while Wellington's vacancy falls close to zero

Office space markets in two of New Zealand's largest cities are facing opposite pressures, a new report shows.

The latest Colliers International CBD Office Report shows Christchurch now has a surplus of office space as the central city rebuild winds down, while seismic issues have left Wellington with almost no available prime space.
more:

https://www.stuff.co.nz/business/974...-close-to-zero

The best option would be for some of those companies to relocate to Christchurch if they can't find any space in Wellington.
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Old October 14th, 2017, 05:29 AM   #3022
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Quote:
Originally Posted by jarden View Post
Rebuild leaves Christchurch with a glut of office space, while Wellington's vacancy falls close to zero

Office space markets in two of New Zealand's largest cities are facing opposite pressures, a new report shows.

The latest Colliers International CBD Office Report shows Christchurch now has a surplus of office space as the central city rebuild winds down, while seismic issues have left Wellington with almost no available prime space.
more:

https://www.stuff.co.nz/business/974...-close-to-zero

The best option would be for some of those companies to relocate to Christchurch if they can't find any space in Wellington.
Agree... in some ways I'm kinda surprised the government doesn't implement some sort of tax incentive for different regions. Christchurch clearly has a glut of office space, with still plenty of empty lots likely to remain for years to come. Surely there are benefits to filling those buildings than creating more demand and higher costs in Auckland and Wellington (not to mention the consequential residential demand issues in Auckland)?
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Old October 15th, 2017, 02:50 AM   #3023
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Exactly, the perennial problem is the lack of demand in Christchurch for everything not just office space but hotels and apartments as well. The current rate of growth will take at least 50 years for all the vacant sites to get developed, so far too slow. While up north it's the opposite situation virtually no sites left.
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Old October 15th, 2017, 03:01 AM   #3024
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Quote:
Originally Posted by jarden View Post

The current rate of growth will take at least 50 years for all the vacant sites to get developed, so far too slow
50 Years? I highly doubt that.
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Old October 15th, 2017, 05:34 AM   #3025
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Hang on - let's think this through.

Imagine if every single project that has been proposed so far gets built within the next 5 to 10 years which is a reasonable assumption to make. Think about how many vacant sites that includes - the entire Convention Centre Precinct, all the apartments built in the East Frame, the Stadium built, Metro Sports Facility and all the other smaller retail/office builds, apartment towers and the few hotels built on the land purchased for that intent so far. That is a HUGE amount of vacant land that has already been proposed to be developed.

Yes, I believe we will not see any largish office building being developed within the next three years as a result of the current glut and same apartment wise - I think more than enough supply from currently proposed projects will come on the market over the next 3-5 years to absorb the demand especially the East Frame.

After that we will definitely have another upswing in demand for office space probably around the 10 year anniversary of the first earthquake if not before with businesses currently in suburban office parks ending their 10 year leases and will return to the CBD.

This, in combination with more vacant sites being used to construct hotels as a result of demand from Conventions and events in the Stadium AND smaller land owners developing while all this progresses, will probably mean only a few vacant sites will remain over the next 10-20 years.

The best thing that COULD have happened in our rebuild, was if those three key Crown Anchor Projects - Convention Centre, East Frame and Stadium - were built earlier and being completed around about now. Because the amount of development activity these projects create as a result would be filling in those vacant gaps very nicely (but now is delayed by around 5-10 years)!
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Old October 15th, 2017, 07:38 AM   #3026
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agreed.
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Old October 17th, 2017, 08:49 PM   #3027
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Spotted this in The Press this morning:

Proceeds from Dux building sale to be used for new venture

Quote:
A restored character building housing the Dux Central​ restaurant and bar business at the former Poplar Lane in central Christchurch will be sold by developers Patrick Fontein​ and Paul Naylor of Studio D4.

They will use the proceeds for a large scale inner city project they expect to announce over the next week or two.
The Press

Wonder what it will be? I remember talk of Studio D4 partnering up with the CCC to build a Performing Arts/Convention/Library carpark next to Isaac Theatre Royal?

Looking forward to any new project announcements however.
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Old October 17th, 2017, 10:58 PM   #3028
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Yes that is good news as many have left the city to invest up in AKL etc. Will be interesting to see what they propose to do with their money.
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Old Today, 01:00 AM   #3029
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Developer for 224 Cashel Street confirmed


Ōtākaro Limited has selected Studio D4, led by Patrick Fontein, as the preferred developer for the building at 224 Cashel St (former IRD building) and the Cashel Chambers and carpark.

“The redevelopment of this large building will provide a space for successful smaller businesses in the Innovation Precinct to expand, while students will benefit from studying, working and living right alongside these innovative companies.”

There will be a series of technology companies, ICT education organisations and student accommodation within the building.

The Cashel Chambers buildings will be reinstated as hospitality, retail and office space next year. Work on the redevelopment of 224 Cashel St is expected to get underway around April 2018.

Otakaro
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