Growing city reaching limits
A shortage of commercial real estate in Auckland has reached crisis point with fears all available land could run out in just 10 years.
Sunday, September 25th 2005, 6:53AM
by The Landlord
There is only 2000 hectares zoned for commercial purposes left in the Auckland region - with conservative estimates showing that is being used up at a rate of 130 hectares a year.According to a best-case scenario prepared by the Auckland Regional Council, this land will last only until 2021 - and only if all city councils optimise current business land.
But Manukau City Council, which has the most greenfield space available in the region, is not as optimistic, saying commercial land in the area could run out within 10 years.
Big investment companies were aggravating the land scarcity problem by snapping up greenfield areas when they appeared on the market, the council said.
While some created business parks and on-leased facilities to tenants, others were waiting for values to rise so they can sell at a profit.
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