Wollongong office market thriving
There has been growing demand for Wollongong office space over the past twelve months according Property Council of Australia’s latest Office Market Report released today.
The vacancy rate in Wollongong’s office space decreased from 11.2 per cent to 10.6 per cent indicating a healthy local economy and good prospects for local jobs.
“This is positive news for Wollongong with solid results across almost all grades of office space; a strong indicator of the growing economic might of the Illawarra,” said Property Council Illawarra Regional Director, Kim Rawson.
“Wollongong is performing strongly on the national stage with a market in the top 15 in Australia and ahead of the Brisbane, Adelaide, Perth and Darwin CBDs in terms of vacancy rate.
“There was net absorption of 3,608 sqm which means businesses are taking up space in Wollongong’s CBD and creating local jobs. The strongest demand was recorded for A grade office space, resulting in a sharp vacancy drop of over two percentage points to 3.4 per cent.
“This overall increase in demand indicates a positive trend observed in recent years, and is testament to the success of public and private sector investment in rejuvenating the Wollongong City Centre.
“With the new Western Sydney Airport and stronger connections to south west Sydney, the Illawarra is building momentum towards a strong future.
“We need to build on this growth and drive infrastructure and policy changes to continue this momentum and unlock the region’s potential. Issues of improved transport infrastructure, housing affordability and creating local job opportunities are central to this,” stated Ms Rawson.
William Power | M 0429 210 982 | E [email protected]