RESEARCH & DATA

Office market report

Office vacancies have tightened in CBDs across the country, with Melbourne and Sydney now at incredibly low levels.

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

  • Overall, Australian office vacancy fell by 0.7 per cent in the six months to January 2019 to 8.5 per cent
  • The tightest markets are the Melbourne CBD where the vacancy rate fell to 3.2 per cent (down from 3.6 per cent) and Sydney CBD which dropped to 4.1 per cent (down from 4.6 per cent)
  • Melbourne and Sydney were followed by Hobart with the next lowest CBD vacancy rate of 5.9 per cent (previously 5.8 per cent); Canberra 11 per cent (down from 12.4 per cent); Brisbane 13 per cent (down from 14.7 per cent); Adelaide 14.2 per cent (previously 14.7 per cent); Darwin 17.2 per cent (down from 21.6 per cent); and Perth 18.5 per cent (down from 19.4 per cent)
  • Almost 1 million sqm of office space will be added to Australian CBD markets over the next three years, with half of this new space being supplied to the Melbourne market which will grow by more than 10 per cent of its current stock

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