When will it turn around?
The Property Council of Australia has compiled its annual comprehensive audit of office space in over 25 markets across Australia.
Northern Territory Executive Director of the Property Council Ruth Palmer said that the report has once again shown that Darwin has the highest vacancy rate across all capital cities.
“This is the third consecutive year Darwin has recorded the highest vacancy rate across all Australian office markets tracked.
“Not only is it once again over 20%, it is considerably higher than every other jurisdiction.
“All grades of space in Darwin recorded vacancy above 14 per cent. While the aggregate vacancy rate for all grades has dropped by 0.9 per cent, it remains at record levels.
“The Darwin CBD is the primary employment hub for the Top End and is in desperate need of additional employment and economic activity.
“A jobs and population plan must be activated this year and we need to see more long-term projects that will bolster the economy.
“We can’t just talk about it anymore, we need action.
“We need to focus more on improving amenities in our capital city which will spur investment and commercial activity.
“We need to encourage people to come to the Territory and call the Territory their home.
“There is no doubt that more people in the CBD will have a flow on effect to business.
“We can't afford to sit on our hands, with the likely announcement of a Darwin City Deal. We need to be ready and get the most out of this once in a generation opportunity.”
Key market indicators, Darwin CBD (aggregate)
Ruth Palmer | E [email protected]