Got Tenants? (Re-post)

Everyday I drive to work and pass by all these huge buildings and skyscrapers, wondering who will fill all this space?

If you think the bad days are over read this article in AlRai local paper, titled “47 New Buildings in Kuwait… Any Tenants?” (see full article)

In recent years, Kuwait City has transformed from an old traditional city filled with old markets and sheesha places to a modern skyscrapers filled downtown with a fast paced corporate life vibe. Unfortunately, most buildings began construction in the peak phase of the economic cycle and planned operation in the recession or arguably, the trough. A study done by local real estate experts states that currently there are 47 buildings under construction; 15 of which are skyscrapers. These buildings are going to add 700,000 sqm of office space and it will be a big challenge to find new tenants to fill these buildings up.