Office vacancies hit new low in CBD

THE office vacancy rate in Perth’s CBD has hit another record low, falling to 0.3 per cent over the past six months, while West Perth is officially a full house, according to figures released by the Property Council of Australia. Since January, the amount of vacant space in the CBD has fallen to just 3,746 square metres, while the last remaining 104sqm of space available in West Perth has been absorbed. For the CBD, it’s the third record low in as many office market reports, with the area ranked just behind West Perth, the tightest market in the country. Meanwhile, the city’s emerging suburban market is forecast to add more than 400,000sqm of space over the coming years, predominantly in the northern suburbs. Property Council of Australia WA executive director Joe Lenzo said the low vacancy rates in the city had allowed a suburban office market to become viable for the first time. Over the past six months, the CBD has posted a net absorption of 8,732sqm, although supply was boosted slightly by a refurbishment of over 6,000sqm at 95-99 St Georges Terrace. The next closest vacancy rate to Perth’s is Brisbane’s, where just 1.2 per cent of total stock is available for lease.

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