Wanted: More office space

Cambridge is in urgent need of new commercial space as demand from businesses for offices begins to outstrip supply.

The town needs an estimated 42,000sqm to accommodate the current number of plans for new developments.

It’s in contrast to neighbour Hamilton city’s CBD, which is struggling to attract business.

Bayleys Real Estate commercial manager Blair Hutcheson said the waiting list for office space and retail in Cambridge is getting longer.

‘‘We can offer a total of 1700sqm of office/retail space which includes the former RD1 building on Queen St. Other properties in Duke St and Wilson St are under negotiation,’’ said Hutcheson.

He said there is a waiting list for businesses asking to move into the Victoria St precinct as well. Just around the corner on Empire St, a new two-storey, 700sqm retail/office complex was also due for construction next year.

Lodge Real Estate commercial manager Vaughan Heslop said the property attracted keen interest with its first floor, and a portion of the ground floor, already leased.

‘‘The low level of vacancy is a positive sign indicating a lot of confidence in Cambridge with a lot of long-term leases being signed up,’’ said Heslop.

But both agents agreed there was also major shortages relating to industrial space.

Construction of Lakewood development in December offered an estimated 3600sqm of retail and office floor space.

Spokesperson for developers Greenstone Construction, Ben Jones, confirmed some major brand names had already signed up to take the retail space on offer.

Hamilton’s Omega Capital Corporation wanted to relocate its offices to Cambridge but couldn’t find enough available space in the town.

So the company purchased land on Alpha St and by the end of October will start developing its own site to house 226sqm of retail/office space on the ground floor of a 20-unit boutique motel.

Chamber of Commerce CEO Tania Witherford said the demand for commercial space was a sign of confidence in the town.

‘‘... but very frustrating for businesses wanting to come to invest into Cambridge.’’

GRAPHIC: RACHEL TREVELYAN/FAIRFAX NZ Four major commercial developments underway in Cambridge. Businesses are desperately looking for commercial space in the town.