01 Mar Demand for office space increases

Demand for office space increased by an average 0.1% across the country’s CBDs during the six months to January, according to the latest six-monthly snapshot from the Property Council of Australia.

Nevertheless, the CBD vacancy rate actually increased from 12.0% to 12.5%.

That was due to considerable office construction activity, with the supply of new office space exceeding the historical average in five of the six most recent half-yearly reports.

Property Council chief executive Mike Zorbas said he was encouraged by the latest data.

“This is the third six-month period of positive demand nationally for office space in our CBDs,” he said.

“Organisations see that an office presence in our cities is an essential part of doing business. While new supply has increased total vacant space in some areas, these latest numbers are a vote of confidence in our CBDs.”

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