Low office vacancy rates

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While the office market vacancy rate in Civic is around 12%, in areas like Barton it is as low as 6.2%. File image.

Confidence in the ACT’s office market continues to remain strong, with the Property Council of Australia’s Office Market Report recording the ACT’s lowest office vacancy rates in seven years.

“Over the last six months to January 2020, Canberra’s overall vacancy rate decreased to 10.3% from 11.1% – down from 13.3% recorded two years ago, highlighting a continued tightening in the market,” said ACT Executive Director Adina Cirson.

“Demand for office space is second behind Perth when compared with all other Australian capital cities, with the hottest properties being prime office product, highlighting the private sector demand for office environments that assist in staff retention by creating attractive workplaces.”

She said the reduction is due to high demand in Canberra’s commercial leasing sector, with non-CBD markets responsible for the trend.

“The vacancy rate in Civic however has remained reasonably high at 12%, bucked by a further reduction in vacancy in the non-civic market down to 9.6%. This is in line with a national trend for non CBD markets recording vacancy decreases. Vacancy in areas like Barton is as low as 6.2%.”

 

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