CBD Offices on the Move
Posted on 17. Mar, 2010 by Chris Lang in Economic Issues, Offices, Property Cycles
Westpac has just released an Australia-wide outlook for Commercial property. And it predicts you will start to see growth in rents and values during 2010-11.
As employment numbers grow with the improved economy, demand for Office space will also take off again.
Melbourne's rents have already started to move — where a vacancy rate of 5.3% is heading towards 4%; and there are no new buildings due for completed until 2012.
Despite the renewed resources below them, filling the looming vacancies in Perth (heading towards 15%) and Brisbane (towards 12%) will stall their Office recovery until mid to late next year.
However, Sydney (with an 8.1% vacancy) should start to move around the end of this year.
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