by Brianna Crandall — February 23, 2011—The Property Council of Australia has released its latest Office Market Report, showing mixed results of office vacancy rates and tenant demand for office space in various cities around Australia. Covering approximately 4,500 office buildings in over 30 office markets around Australia, the 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.
Highlights include:
- Tenant demand for office space in Sydney recorded its strongest growth in the past three years–and led to a fall in office vacancy rates from 8.5 in July 2010 to 8.2 percent in January 2011
- Vacancy in Adelaide’s office market jumped in the six months to January 2011, setting its office vacancy at a four-year high of 8.3 percent in the six months to January
- Demand has driven Brisbane office vacancy down; vacancy rates dropped by 1.8 percentage points to 9.4 percent in the six months to January 2011
- Double-digit vacancy rates continue for Canberra; the total vacancy rate in Canberra’s office market decreased slightly over the six months to January, from 14.1 percent to 13.4 percent
- Perth’s office market vacancy rate dropped from 9.9 percent to 9.5 percent in the six months to January 2011 despite supply additions
- Demand was up for Melbourne office space, and its office market vacancy rate decreased in the six months to January 2011
The Office Market Report is available as a subscription from the Property Council of Australia’s Bookshop. The subscription includes the January 2011 Office Market Report, the Autumn 2011 Office Market Forecasts and the Autumn 2011 Quarterly Development Survey. The report is available in Microsoft Excel and will be distributed by e-mail.
- Vacancy in Adelaide’s office market jumped in the six months to January 2011, setting its office vacancy at a four-year high of 8.3 percent in the six months to January
