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.
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.
September 6, 2010 § Leave a comment
But to fuel the state-of-origin battle, Melbourne also has a lower vacancy rate than Sydney.