Tenants snap up prestige offices

September 22, 2010 § Leave a comment

 

Tenants are flocking to Melbourne’s prestige office buildings, taking up premium-grade space at a rate not seen in more than six years, says Herron Todd White.

This observation was confirmed by LandMark White Group, which forecast that supply would continue to be added in Melbourne’s CBD as pre-leases and strong jobs growth absorbed office backfill, keeping vacancies low.

Herron Todd’s national research director, Richard Jenkins, said net absorption of premium-grade space was 51,082 square metres at July, its strongest since January 1994.

The vacancy rate for premium space dropped from 10.6 per cent in January, the highest vacancy rate in several years, to 5.9 per cent in July. “Incentives crept up and tenants scurried to take advantage of the available quality space,” he said.

As at July, Mr Jenkins said the Melbourne CBD office market had 4,061,380 sq m of net lettable office space, with 74,453 sq m added to the market in the six months to July. Most of this new supply was in Docklands.

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Melbourne takes the lead in space race

September 6, 2010 § Leave a comment

Melbourne's CBD from Docklands at twilight
Image via Wikipedia

In the past year, the southern capital of Melbourne has edged out rival Sydney as having the biggest amount of lettable space in the central business district.

Some of the new space has come from the redevelopment of existing buildings, as well as the new Docklands area included in statistics as part of the city.

But to fuel the state-of-origin battle, Melbourne also has a lower vacancy rate than Sydney.

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