Almost 2m sq ft is expected to come to market between now and the end of 2009 in a city with an average annual new office take-up of about 400,000 sq ft.
“There is going to be a substantial oversupply and there are going to be one or two losers,” said DTZ director Ken Bishop.
Just under 470,000 sq ft of new office space was completed in 2007 with another 1m sq ft scheduled to finish this year.
“There will be casualties,” said WHR partner Michael Hawkins. “Invariably those will be buildings that have been constructed by developers that don’t understand the office market.”
Developments at fringe locations with large floor plates and no natural light would suffer the most, said Hawkins.
Total take-up for central
