PHOTO:SUPPLIED The construction of 10 Madden Street in the Wynyard Quarter in Auckland is expected to be completed this year. Owner Precinct Properties had not signed up any tenants when it announced the development of the building in November 2018.
The days of speculative office building in Auckland appear to be over, according to real estate specialists Colliers International.
Colliers said that 12 projects in Auckland covering nearly 150,000 square metres of office space would not go ahead without tenant pre-commitments to leasing. Most of the projects were at feasibility and planning stages.
The game had changed with Covid-19. Over the previous five years developers had worked on a ‘build it, and they will come’ approach.
The unlikely to be built 12 projects were five in the Auckland CBD comprising three new buildings and two redevelopments, with potential office space of 75,250sqm, and seven projects of 73,300sqm of office space in metropolitan Auckland, of which six were new buildings and one was a redevelopment.
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