Construction of Reykjavík Trade Center Postponed Skip to content

Construction of Reykjavík Trade Center Postponed

The construction of The Reykjavík World Trade Center has been postponed due to the current economic instability as revealed this week. The planned 16,000-square-meter center was supposed to contain offices, conference rooms and shops.

“We have postponed the project until we can secure more reasonable terms to finance the work,” CEO of Nýsir hf. Höskuldur Ásgeirsson told Morgunbladid. His company had planned to construct the center in the vicinity of the new Concert Hall and Conference Center in Reykjavík harbor.

It is uncertain when construction of The Reykjavík World Trade Center can begin. Ásgeirsson said his decision is characteristic of the economic situation in Iceland; many have decided to delay construction projects.

A new 400-room hotel was also scheduled for construction in the harbor area, but holding company Portus, which is planning the hotel, has failed to find a partner for the project.

Managing director of Portus Helgi S. Gunnarsson said his company has been involved in discussions with two companies, one Icelandic and one foreign, on participating in the project, but nothing has been decided yet.

“This case has been put on hold,” Gunnarsson said, explaining that it is difficult to reach an agreement with a hotel operator when it is uncertain when the hotel building can be completed. Construction of an underground garage and preparations for the hotel has, however, begun.

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