Old buildings no rent catch
WITH AT LEAST $200 million invested in the construction of commercial office space over the past five years, it is likely that owners of older, properties will have to lower their rent in order to attract tenants.
This is according to Terry Hanton, managing director of Property Consulting Services Inc., which is a division of Altman Real Estate.
He told BARBADOS BUSINESS AUTHORITY that the development of modern well outfitted offices had resulted in the exodus of a number of operations, particularly Government offices, from The City.
“There is quite a lot of vacancy in Bridgetown which has not yet been filled and I think there has been a trend towards movement into higher quality office space, leaving more vacancies in B and C class buildings but none really in A class buildings,” he said.