Newcastle office market strong
The Property Council of Australia’s latest Office Market Report shows that Newcastle is one of the strongest metropolitan office markets in the country with an overall vacancy rate only slightly increasing to 7.8 per cent.
The increase in vacancy was due to negative demand and despite this marginal increase, Newcastle continues to be a strong, emerging regional office market.
“Newcastle has a strong office market with a growing population and local economic growth. There is still a strong supply pipeline,” said Property Council Hunter Regional Director Anita Hugo.
“With another 18,600sqm in the pipeline for 2021 and another 8,200sqm in 2022, we can expect a positive trajectory of growth in the Newcastle office market reinforcing a healthy local economy.
“We are probably still unravelling the story that 2020 tells but it is indicative of the caution business has shown in terms of space requirements.
“While the A Grade vacancy increased slightly, B Grade office space recorded a vacancy decrease which indicates that there is still strong positive demand for quality office stock in the city, supporting further investment and growth of businesses across Newcastle.
“The city has a great story to tell and is well-equipped to deal with any influx of business needs we may see as a result of relocation for more favourable lifestyle and housing options.”
Media contact: Anita Hugo | M 0439 253 710 | E [email protected]