Gold Coast records sharpest declines in vacancy across all Australian office markets
Healthy demand for office space on the Gold Coast has seen vacancy rates fall over the final half of 2016.
The Property Council of Australia’s latest Office Market Report shows that over the last six months of 2016, Gold Coast office vacancy fell from 14.3 to 12.2 percent off the back of positive market demand.
“Gold Coast recorded one of sharpest declines in vacancy across all Australian office markets over the second half of 2016,” Queensland Executive Director of the Property Council, Chris Mountford, said.
“With the exception of D Grade buildings, vacancy levels on the Gold Coast have dropped across all office grades and in nearly all locations,
“While there have been some office buildings withdrawn from the market for redevelopment, new demand is playing the major role in bringing down the vacancy rate,
The Gold Coast has kept pace with similar declines in the Brisbane CBD and Brisbane Fringe office markets, which have recorded 15.3 and 12.6 percent vacancy respectively.
“While it is positive to see demand and withdrawals keeping pace with new supply over 2016, Queensland is still experiencing historically high office vacancy,” Mr Mountford said.
“In this critical election year, it is imperative that the State Government work to boost business confidence to invest and create jobs in Queensland.”
Source: Property Council of Australia