market overviews

record low vacancy rates

 

 

Adelaide


After a year of consolidation, Adelaide continues to experience strong leasing conditions underpinned by ongoing tenant demand. Strengthening demand combined with record absorption levels have guaranteed the success of Adelaide’s recent historical low vacancy; reaching 4.3% in January 2008 for the first time in 18 years.

“With demand sitting ahead of supply levels, the next 12-18 months should see vacancy levels tighten even further,” said Jon Cranna, State Director of Office Leasing at Colliers International.

Buoyed by continued growth in the minerals and resource sector coupled with defence and organic business growth, it is expected that demand for space will continue unabated placing upward pressure on rents going forward.

The next 12 months will see limited new supply options with projects such as VS1 (242-260 Victoria Square), 9-23 Gouger Street, 16-20 Coglin Street and 400 King William Street expected to complete. These projects will bring almost 55,000m² of quality space to the market, however strong leasing conditions have ensured that almost half of this space is already pre-committed.

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