Office Vacancies Review

The latest Australian Office Market Report commissioned by the Property Council of Australia has highlighted a number of significant trends in major national centers.

Whilst all CBD markets recorded vacancy rate falls in the report period, Canberra is the exception to YoY performance as the only center showing an increase.

The drop in vacancy rates (particularly on the East Coast) is reflective of the increase in economic activity as we continue to transition back from the mining economy to more traditional economic sectors. Particularly of note is the return of activity in Perth after suffering significant drain in the wake of the mining bust however rates remain relatively high compared to national levels.

The report is welcome news to an industry that is already starting to shudder at the prospect of a residential construction downturn. The challenge now is who is positioned to benefit from this pivot.

To read the full report follow this link.