Commercial Building Holds
Despite the complaints bymany Real Estate agents about the drastic reductions in residentialsales, commercial construction activity continues to be quitevisible.
There are reports that quite a number ofExpatriate agents have left their jobs because of the declinein sales and prices, said to be in the range of up to 25 percentof what was being asked two years ago. One real estate anlalysthas projeceted that there could be as much as 40 percent lessin sales for this year when the numbers are tallied.
Adding to this, a long term resident architect, related that threeof his clients who had planned developments, have now decidedto put their everything on hold.
The Harbour Place on the waterfront next to Ugland House is nearingcompletion, and the Cayman Corporate Centre on Hospital Road,is adding finishing touches. It has been suggested that Governmenthas negotiated to lease an entire floor of 10,000 sq. ft. Nearby,the Cricket Square tower which is being developed by the C. L.Flowers family has recently broken ground. Still in the immediatearea the Immigration Headquarters expansion is also nearing completion.
A few month ago, there was speculation that Cayman National Bank(CNB) was going to put up another building, next to their headquarterson Elgin Avenue. It is now learned that may not tale place afterall, as Cayman General Insurance, an affiliate company of CNBmight be moving into Harbour Place on the waterfront.
Just up from the centre of town, commercial complexes, some withretail space are also sprouting up. On Eastern Avenue, the ownersof Sounds and Things, which has been a main player as a retailer,hopes to move into expanded space in their 40,000 sq. ft. TrinitySquare Commercial Centre in time for the busy Christmas season.These units are being offered for sale as well as lease.
Heading towards West Bay Road, North on Eastern Avenue, MontpelierDevelopers, owners of the Elizabethan Square complex and an adjacentoffice buiding which houses the Monetary Authority, is constructinga square foot office complex for British Caymanian Insurance Officeswhich takes up a considerable amount of space at the ElizabethanSquare downtown.
(Owing to recently passed legislation giving the Monetary Authorityfar more responsibilities, it is understood that its staff couldrise by 50 or more to meet the compliances required by the newlaws.)
On the other end of town, just off Shedden Road a mixed use CommercialCentre on the North Sound Way being constructed by businessman,Altee Thompson is taking shape and could be fully tenanted bythe end of the year.
The Duty free mall down town is almost fully leased and will housea booking office and retail store for the Turtle Farm. Other storeswill also be moving in just in time for the upcoming season. TheCustoms Department's expansion is progressing and the officesthat are now held by them in the Tower Building will soon be transferredto the Airport location.
The West Bay road corridor will soon have another shopping mallcalled The Marquee which is being constructed as part of the CinemaComplex. The developers are the proprietors of the Galleria; WestShore and Buckingham Place Malls which are located on the busyWest Bay Road/Seven Mile Beach corridor.
Olson construction has mobilised their equipment to constructa strip shopping Mall on Walkers Road, where most of the schoolsare located -- obliquely across from the Eden Centre which alreadyhouses Hurley's Supermarket and a Burger King. A Wendy's FastFood franchise will anchor this new shopping centre.
In the Red Bay area where road works are still going on off theCrewe Road by-pass the developers of the Heron Harbour ShoppingCentre, which is anchored by another Hurley's Supermarket, maysee construction start within months for the condominiums approved.There are also plans to incorporate a Water Theme Park at thatlocation.
The Credit Union office Headquarters across from the Cricket Ovalhas completed its extension and their plans for a Convention Centrewill eventually be part of the entire complex when fully developed.It is understood that there may be another commercial buildingto be constructed on North sound Way by the Cayman Free Pressgroup.
Back in town on Mary Street, the Caribbean Home Insurance buildinghas been demolished and work will begin shortly on an adjacentbuilding for the Walker's Law firm. Just across the street, theThompson family is constructing a commercial building which willhouse some of their own businesses with some space available forrent.
One property in town, which has remained vacant for years, theupper floor of the Jack Ditman building, has now been refurbishedand is being offered as office rental units for long and short-termtenants. The Royal Bank Building under construction at the lowerend of Shedden Road is progressing quite well and occupancy maybe completed by the end of the year.
The new 230 room Holiday Inn on West Bay Road, in front of theIndies Suites, has set November as its opening date. This wouldbe the third Hotel to be built by the Bill Yung family. They alsoown the Marriott and Westin Casuarina Hotels.
The Port Authority in a few months will begin expansion of theGeorge Town port facilities to increase its capacity, after onlyjust taking occupancy of its expanded holding facility in theIndustrial Park. The area that continues to see a tremendous amountof commercial activity are the industrial parcels where severalwarehouses are being completed.
With the announcement that the Dart Group has been granted permissionto begin excavation in their landholdings across the street fromthe Seven Mile beach, it would appear that Cayman is in for along haul of construction and commercial activity developmentin the next couple of years.
This in itself may sustain the local economy, which would requirea re-tooling of its mission, because of the projeceted loss ofsome of its Offshore Financial business.
This territory has always exhibited resilience, and a track recordto overcome bad spells of economic downturns over the past threedecades. Nevertheless, our dermination to succeed has kept usto the forefront when it comes to taking advantage of adverseworld conditions, when compared to our Caribbean, and Latin American- even North American neighbours.
Meanwhile, it is learned that a couple of longterm legal practioneershave sold their partnership for quite healthy sums. Could be,they must know something.