Gold Coast office rental market at seven year low

Gold Coast office rental market at seven year low
Gold Coast office rental market at seven year low

Strata office vacancy on the Gold Coast is currently at a seven year low of 14.8% partly due to increased investment into city and local infrastructure by both government, local and international investors.

According to Ray White's Gold Coast Office Strata Report for August, the vacancy position of the Gold Coast has been steadily improving over the past few years after the total market result peaked at 23.3% in July 2010, falling to its current low of 14.8% in July 2015.

Ray White Commercial head of research Vanessa Rader said some markets have fared better than others, with the best performer this period being Broadbeach which recorded vacancies of just 4.2%.

“The smaller markets of Surfers Paradise, Broadbeach and Bundall have had more varying results pending quality, size and location of stock. Southport has been a steady performer with vacancy flat over the last 18 months, currently 14.0% which is still well below the 22.3% recorded in July 2010,” Rader said.

“Varsity Lakes/Robina experienced a dramatic drop in vacancies from 28.7% during January 2010 to its current low of 8.6%. This market, however, is home to modern accommodation which is in greater demand compared to the secondary accommodation in much of the Gold Coast."

According to Ray White Commercial Gold Coast team leader Steven King said the first half of 2015 has resulted in some strong improvement in capital values with all markets showing some upward momentum as the local economic indicators recover.

“Current average values have shown some rebound to $3,450 per sqm after dipping to the low of $2,640 per sqm in 2012; though this is still well behind the highs achieved pre GFC which averaged $5,390 per sqm,” he said.

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Office Market Offce Vacancy

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