Melbourne, Gold Coast approaching peak of cycle for office market: HTW property clock
The office market continues to stay without a peak of market occupant, with Melbourne staying put along with three other cities at the approaching the peak position, similar to the previous update in April from valuation firm Herron Todd White.
However, the latest July office clock indicates that the list at the bottom of the market has swelled, with April occupants Adelaide, Darwin, Hobart, Burnie, Cairns, Devonport, Launceston, Townsville and Wide Bay joined by two capital cities, Brisbane and Perth.
Sydney remains a rising market, with an undersupply for office rentals relative to demand, according to the Office Market Indicators.
Melbourne is a balanced market, though there is an oversupply of available property for rent.
Brisbane and Perth are grappling with a large oversupply, which probably explains their bottom of market position.
The April clock had NSW Far North Coast approaching the peak of market, but has dropped two notches since then to the start of recovery position.
