Gold Coast office vacancy increases

The Property Council of Australia’s latest Office Market Report, released today, reveals an increase in Gold Coast office vacancy to 12 per cent over the last six months.

Chris Mountford, Queensland Executive Director for the Property Council of Australia said, the 1.4 per cent increase in vacancy rates over the first half of 2018 has been caused by a combination of one significant tenant movement and the addition of new supply.

“This result can be attributed to an additional 3,000sqm of B Grade stock coming online, as well as a significant tenant move in Robina.” said Mr Mountford.

“With minor supply additions coming online in the second half of 2018 and no new space due to come online from 2019, the Coast will have the opportunity to work through the remaining vacant stock over the coming year.

Currently, there are a number of tenant EOIs in process. These deals are expected to be captured within the next report and will restore vacancy trends to the healthy levels we have witnessed over the last two years.

“Looking in specific areas, vacancy has decreased in both Surfers Paradise and Bundall. Broadbeach has performed particularly well this period, recording both positive demand and low vacancy at 4.40 per cent,” concluded Mr. Mountford.

 

Media contact: Chris Mountford|  M  0408 469 734 |   E  cmountford@propertycouncil.com.au