Coffs Harbour office market stable while NSW slows: HTW Commercial

Coffs Harbour office market stable while NSW slows: HTW Commercial
Coffs Harbour office market stable while NSW slows: HTW Commercial

The Coffs Harbour office market has remained relatively stable during 2019, according to the latest report from property valuation firm Herron Todd White.

The report found, the market for leasing appears to have remained stable with supply and demand issues broadly balanced which has resulted in rents remaining stable.

Good quality office space is leased at $350 to $400 per square metre per annum.

Specialist medical tends to command a premium above this with examples of $400 to $500 per square metre occurring.

Secondary office accommodation tends to be more difficult to lease with rentals in the vicinity of $200 to $300 per square metre depending on size, quality and location.

The report authors stated, "the direction of yields tends to be stable with ultimately the strength of the tenant and lease term driving the yield."

"The traditional variation between retail and office markets (one per cent to 1.5 per cent in favour of retail) is no longer as evident as it once was."

"The retail sector is currently experiencing higher vacancy and the longer lease-up periods are impacting value and saleability."

"The office market appears the more stable at this time and into the future the yield trend between office and retail maybe reversed," they concluded.

Tags: 
Office Market Coffs Harbour

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