Newspaper article The Queensland Times (Ipswich, Australia)

Vacancy in Offices Rises for Brisbane

Newspaper article The Queensland Times (Ipswich, Australia)

Vacancy in Offices Rises for Brisbane

Article excerpt

Byline: Kate Lemmon

THE Property Council of Australia's July 2009 Office Market Report revealed that the Brisbane CBD and Fringe office markets have reached their highest vacancy levels since January 2004, sitting at 10.7 per cent (CBD) and 11.6 per cent (Fringe) vacancy.

Brisbane's Premium CBD office segment, however, has a comparatively tight vacancy rate of only four percent.

Property Council Queensland executive director Steve Greenwood said the Brisbane office market had continued to grow, with record levels of new space coming on-line in the six months to July 2009 (144,324sq m in the CBD and 36,428sq m in the fringe market).

"Demand has just not kept up to supply, with the CBD fringe market experiencing low demand levels and negative net absorption," Mr Greenwood said.

"The Brisbane CBD, however, has reversed the negative demand trend of the previous period, and posted net absorption of 3103sq m in the six months to July 2009.

"A further 88,414sq m is due to come on-line in Brisbane's CBD market in the remaining half of the year and 75 per cent of this is pre-committed. …

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