by jbs022410 D3 — February 26, 2010—Weak tenant demand has pushed the vacancy rate in Australia’s office market to its highest point in five years, according to the Property Council of Australia’s latest Office Market Report. The report shows vacancy in Australia’s office market increased from 8.3 percent to 9.3 percent in the half-year to January 2010, the highest since January 2005.
The report has identified the re-emergence of Australia’s central business district (CBD) markets as a dominant force. Vacancy for the CBD market increased from 7.3 percent to 8.0 percent for the period. All but one of the capital city CBD markets remains below 10 percent vacancy.
However, vacancy in the non-CBD market increased from 10.3 percent to 12.1 percent, the highest vacancy rate in this market in almost 15 years.
For more information, see the Property Council of Australia Web site.
