market overviews

record low vacancy rates

 

 

Canberra

The PCA survey shows Canberra CBD to have recorded 1.35% vacancy as at January 2008 as a result of strong demand driven by the public sector’s continued expansion. Recent tenant activity and demand suggests the potential for a substantial increase in Canberra’s vacancy rate as at July 2008.

“The flight to quality continues in Canberra with the majority of demand for contiguous space at 4.5 Star NABERS Energy rating and above. As a result, increased pressure on secondary accommodation which lacks contemporary working environments and ecological requirements is expected to continue. Although early signs of this pressure are emerging, it is not expected to make a noticeable impact on the market until 2009 onwards when older less environmentally friendly space is vacated,” said Brett Barton, Director of Office Leasing.

It is estimated that over 290,000m2 of space has been delivered to the total Canberra office market from mid 2006 to early 2008. The Canberra CBD has accounted for just over half this growth with approximately 145,000m2, equating to a one third increase to the CBD market. A further 275,000m2 is committed to be supplied to the total Canberra market over the next few years. The CBD will account for around 92,000m2 of this supply with the majority being delivered in 2010.

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