RESEARCH & DATA

Office market report

Across the country we are seeing a shift towards premium office quality, but a more challenging outlook for lower grades of stock.

Ken Morrison, Chief Executive - Property Council of Australia.

Covering approximately 5,000 office buildings in over 25 office markets around Australia, the Office Market Report includes historical data since January 1990 for total stock, vacancy, supply, withdrawals and net absorption, with a comprehensive list of future supply and development details.

Key FINDINGS

  • Office market vacancy rates across Australia fell from 9.6 per cent to 9.1 per cent over the six months to July 2018
  • Melbourne CBD recorded the lowest vacancy in a decade at 3.6 per cent. It is our fastest growing city and best performing economy which in turn is creating strong jobs growth and demand for office space at more than twice its historical average.
  • The Sydney CBD market has also tightened further, with a vacancy rate of 4.6 per cent, down from 4.8 per cent six months ago
  • The results for Brisbane show a welcome return in market activity with vacancy across the CBD dropping from 16.1 per cent to 14.6 per cent
  • Perth has passed its peak vacancy, with both the CBD and West Perth recording drops in vacancy, although at 19.4 per cent the CBD vacancy rate in Perth is still above the national average
  • Adelaide’s CBD office vacancy rate has dropped for the third consecutive period down to 14.7 per cent, with fringe vacancy also dropping
  • Canberra recorded a vacancy decrease over the six months to July 2018, decreasing from 13.2 per cent to 12.5 per cent

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