Demand boosts Sunshine Coast office market
The Sunshine Coast’s office market is amongst the hottest in the country, according to the Property Council’s latest Office Market Report.
The report, released today, shows that over the course of 2016, the office vacancy rate on the Sunshine Coast fell from 9.2 percent to 6.9 percent.
Property Council Queensland Executive Director, Chris Mountford, said that healthy demand for new office space was the primary driver behind the drop in vacancy.
“It is clear that the Sunshine Coast is becoming an increasingly attractive destination to do business, with significant construction activity driving the local economy,” Mr Mountford said.
“With the exception of D Grade office space, all segments of the local office market have experienced a drop in vacancy levels.”
The Sunshine Coast currently enjoys the lowest vacancy rate in Queensland, with the Brisbane CBD and Gold Coast markets sitting at 15.3 and 12.2 percent office vacancy respectively.
“With an additional 22,534sqm of office space due to come online in 2017, the Sunshine Coast will need to see even further economic growth over the course of this year in order to maintain the current vacancy rate,” Mr Mountford said.
“While it is positive to see demand and withdrawals keeping pace with new supply over 2016, Queensland is still experiencing historically high office vacancy,
“In this critical election year, it is imperative that the State Government work to boost business confidence to invest and create jobs in Queensland.”