Sydney office vacancy rate tightens while Perth hits 19.6%: JLL

Sydney office vacancy rate tightens while Perth hits 19.6%: JLL
Sydney office vacancy rate tightens while Perth hits 19.6%: JLL

Sydney's office vacancy rate has tightened to 7.7%, below the long-term average, according to research from JLL.

The Sydney CBD recorded positive net absorption of 25,600 square metres in the third quarter, taking the 12-month total to 148,000 square metres.

Its vacancy rate now sits below the 20-year average of 8.3%

Demand in the Sydney CBD was concentrated in the technology sector and also education providers, who are now a strong source of occupancy.

All the other state capitals recorded positive net absorption in the third quarter, except for Perth where the vacancy rate sits at 19.6%, its worst since 1995.

JLL's head of office leasing, Australia, Tim O'Connor said Sydney also had increased activity from financial services and infrastructure sector tenants.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Commercial Property Vacany Rate

Comments

Be the first one to comment on this article
What would you like to say about this project?