The amount of empty office space in Australia continues to decrease as economies strengthen and supply of new buildings is minimal. This is particularly true for the markets of Sydney and Melbourne with an extremely low vacancy rate of about 4.6 percent according to Property Council of Australia data.
Nationally, the vacancy fell from 10.2 percent to 9.6 percent from mid 2017 to January 2018.
Property Council chief executive Ken Morrison stated that "Australia's tightening office markets provide a window into a strengthening economy, and these results are certainly encouraging. Melbourne's results have been driven by a surge in tenant demand while the withdrawal of buildings for future redevelopment and the new metro line were the key for Sydney."
Over 50% of CBD office space around the country is accounted for by Melbourne and Sydney alone.
Dexus executive general manager Kevin George suggests that the office market in Sydney is building as the overall demand in Australia continues to grow in general.
Image source: Ryan Stuart
Article source: http://www.afr.com/real-estate/australian-office-vacancies-decrease-as-economies-strengthen-20180130-h0qsac?btis
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