Auckland has more prime office space currently being developed than the total amount of prime office space developed since 2007; and proportionately more prime development than other major cities like Sydney. This has been highlighted by Chris Dibble from Colliers International in a recent opinion piece for the Herald (click here to read).
This brings up the question of whether the current level of demand is unpredictable and unprecedented; or whether the industry, and public authorities have failed to adequately predict the current situation over the past few years.
In both commercial and residential building it is obvious that everyone is playing catch-up in Auckland. While there are a number of factors that have contributed to this position, a major factor is the lack of construction in previous years. With the amount of analysis and forecasting being used these days it is hard to believe that something this large could have crept up.
It is likely that everyone will be paying attention to the future trends in Auckland and other cities around New Zealand to ensure we are not caught out.