Just over half the 100,000m² of office space forecast to be developed in the Auckland cbd over the next 5 years will be in the district’s Wynyard Quarter extension.
Colliers International’s national research manager, Chris Dibble, said in his research report out on Friday the main projects coming up were Precinct Properties NZ Ltd’s Downtown Centre redevelopment & Wynyard Quarter projects, Goodman Group’s Fonterra headquarters & VXV3 buildings in the Wynyard Quarter, and 151 Victoria St West in a continuation of development in the Victoria Quarter.
Smaller developments would add about 20,000m² of floorspace over the 5 years.
After 2020, Mr Dibble said the Wynyard Quarter had more than 110,000m² of office development potential.
In a comparison of timeframes to build the last 300,000m² of office space in the Auckland cbd, Mr Dibble said it took from 1992-2000 (9 years) to build the first 100,000m², 2001-06 (6 years) to build the next 100,000m² and from 2007-14 (8 years) to build the last 100,000m².
Attribution: Agency release.