I’m reminded of the over-supply of office accommodation in Melbourne in the commercial bubble of the early 1990s when there were twenty Melbourne Cricket Grounds of new office space available for lease. That’s one million square metres of carpeted and airconditioned offices.
Nominal asking rental rates of $650 per square metre per annum for accommodation in these new buildings translated to as low as $120 per square metre per annum once it was discounted back for estimated letting up periods and the rent free periods of up to ten years and free office fit outs being offered. But developers and agents refused to drop their highly imaginative asking rental rates.
Get real guys. You’re only fooling yourselves and people ignorant of the facts. Oh, but then you like to keep as many people as possible ignorant of the facts as you can, for ulterior motives, don’t you?