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Business growth forecasts are so strong that Auckland is facing a big building shortage and needs 18 more PwC Towers, 18 more Metropolis blocks and 18 new malls like Downtown at the foot of Queen St, says a property expert.
Alan McMahon, Colliers International's national director of research and consulting, said that by 2031 when an extra 500,000 people were forecast to live here, 54 new buildings the same size as PwC, Metropolis and Downtown would be needed.
"New floor space equivalent to one each of the three buildings will need to be constructed every year for the next 18 years if the CBD is to accommodate forecast demand," McMahon said.
"Significantly more construction is needed for the CBD to accommodate the growing numbers of businesses, residents and retailers which are expected to move in over the next 18 years." Read more...