Gold Coast office vacancy increases
The Property Council of Australia’s latest Office Market Report, released today, shows the office vacancy rate on the Gold Coast increased by 1.1 per cent over the last six months, reaching 14.3 per cent.
Queensland Executive Director of the Property Council, Chris Mountford, said while there were minor additions to the market, the increase in vacancy was mainly attributable to negative demand.
“Of the overall 4,500sqm of negative absorption, almost 3,500sqm can be attributed to a single sublease vacancy in Robina.
“With the Commonwealth Games less than two years away, enquiry for commercial space is increasing. However, with several major deals in the pipeline yet to be signed, the past six months has seen limited positive activity.
“All precincts experienced negative demand except for Surfers Paradise, which saw positive absorption of 2,400sqm, and Bundall, which held steady.
“This reduced demand was experienced across all grades, except for B grade, where vacancy decreased from 13.0 per cent to 12.4 per cent.
“Approximately 4,000 sqm of supply is due to come online across the Gold Coast in the second half of 2016, however beyond this, there is limited additional space expected in the short to medium term.”
For more information or to purchase the July 2016 Office Market Report, click here.
Media contact: Chris Mountford |E firstname.lastname@example.org