PHOTO: Bayleys commercial real estate agent Millie Liang said about 100 floors’ worth of office space was available to sub-lease from companies that no longer needed it. Photo credit: RNZ
‘For Lease’ signs are popping up in empty shop fronts and office blocks in Auckland as the effects of the second lockdown grip the city.
During August’s level 3 lockdown, around 3000 people started claiming unemployment benefits or income relief, while another 1000 businesses registered for support – adding to the nearly 2500 already on the books.
Bayleys commercial real estate agent Millie Liang said about 100 floors’ worth of office space was available to sub-lease from companies that no longer needed it.
“It’s huge – it’s a hundred floors. This is a very challenging time.”
She said before borders closed any companies subleasing space preferred to market the space confidentially, but now with a lack of tenants they needed to openly advertise.
Liang said it’s a tenant’s market and many were demanding deals in order to survive.
“Tenants are starting to talk to their landlord and say ‘what about you offer me the same discount you offered me in level 4’,” she said.
Another realtor, Barfoot and Thompson’s Justin Lowe, has worked with retail landlords in the city for five years.
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