18 Mar 2009

Surplus of commercial office space in Queenstown

9:52 am on 18 March 2009

A property broker says worries about a massive oversupply of commercial office space in Queenstown have been tempered by careful planning.

With more than 50,000 square metres of new retail and office space about to become available, there were fears the commercial property sector at the resort was in for bumpy times.

But the developers and a leasing agent say it is in good shape with almost 80% of the new property already being leased.

Colliers International property broker Mark Simpson says enquiries about the rest are promising.

He says the sector is not in trouble and developers have done their homework by securing tenants long before the property boom turned sour.