market overviews

record low vacancy rates

 

 

Melbourne Metropolitan

Melbourne’s metropolitan office market has seen the overall vacancy rate increase marginally from 5.75% in July 2007 to 6.15% in April 2008. The South East showed the greatest decline, from 5.81% this time last year to 4.44%. The Inner East rate declined from 3.64% to 2.73% (4.62% in summer 06, down from 8% in early 2003) while the Outer East recorded an increase in vacancy, however this was largely due to the inclusion of almost 45,000m2 of new space.

Suburban Office Chief Executive, Rob Joyes said that “landlords in the South East, which had struggled with very high vacancy in some precincts, would be able to breathe a little easier as the region soaked up the unsatisfied demand from the Inner and Outer Eastern markets over the next 6 - 12 months. At 4.44%, the South East region is experiencing its tightest vacancy level since Colliers International began recording data in 2003 when vacancy was at 9.2%.”

The low vacancy rates and strong tenant demand were the key drivers behind more than 150,000m2 in speculative and pre-committed developments either recently completed, under construction or due for completion in the next 12 months.

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