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Tuesday, June 05, 2007

Commercial rental rates in Suva to go down?

With the abundance of office and commercial space coming up over the next few months, and the downturn in demand for them (given the economic slowdown that Fiji faces), one would expect commercial rental rates in Suva to go down over the next few months.

One of the multi-storey buildings to be completed, Kadavu House, does not have its occupancy plans confirmed as yet, although there were commitments to have the Public Service Commission occupy the building.

With the Morris Hedstroms Tower and the Tappoo City complex coming up over the next few months to a year, there will be an oversupply of commercial and office space in the capital.

With the oversupply and inadequate demand, we should expect prices (commercial and office rental rates) to go down over the next few months.

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