The multi-billion dollar construction industry is at such an extraordinary phase that the first big national building conference in some years is being held in Auckland today, industry representatives heard this morning.
Malcolm Fleming of Accent Architects told the Institute of Building conference that this year's Mainzeal collapse emphasised that and many people thought they were at the bottom of the cycle, only to find things got worse.
Many firms were half the size they had been, he said.
Richard Chung of Wellington consultants Wareham Cameron said seismic issues were the single biggest challenge "whether it's a sale and purchase, a lease or an alteration or extension, seismic is often the number one issue that needs to be addressed."
He cited Lambton Quay's 85-year-old Harcourts building, an earthquake prone structure once worth $22m but now worth $10m, once fully occupied now with a handful of cheap 'pop-up' tenants on the ground floor, confronted with the issue of what to do with the structure which was uneconomic to strengthen, refurbish or re-lease.