Boom in Australia office space
09 August 2015 by News Desk
Rising demand for office space in Australia suggests that the national economy is moving away from the mining resources boom.
The national average office vacancy rate fell over the past six months from 10.8% to 10.4% driven by a rise in demand for office space in Sydney and Melbourne, according to the Property Council of Australia.
Demand for office space in Melbourne and Sydney is currently double the annual average but the Perth vacancy rate has increased to be the highest in Australia.
Brisbane has seen a fall in the office vacancy rate for the first time in three years. Canberra recorded a slight fall and has the second highest vacancy rate in the country. The number of empty offices in Adelaide remains at 13.5%.
“Surging demand for office space in Sydney and Melbourne is one of the strongest signals yet that Australia’s transition from a mining investment dominated economy is taking hold,” said Ken Morrison, CEO of the Property Council of Australia
Over the next six months almost half a million square metres of new office space – a 300% increase on the past six months – will be made available in Australian capital cities with most in Sydney, Brisbane, Perth and Melbourne.
