The vacancy rate across Macquarie Park’s office market has dropped off the back of positive demand, according to the Property Council of Australia’s latest Office Market Report.
The vacancy rate in Macquarie Park decreased from 8.4 per cent to 8.2 per cent in the six months to January 2016, even with an increase in supply of 21,423sqm over the period.
“Macquarie Park’s office market has benefitted from positive demand for the past six months, with net absorption totalling 18,329sqm, making it the best performing non-CBD market in the country,” Acting NSW Executive Director Felicity Wilson said today.
“A and C grades enjoyed a cut in the vacancy rate and positive demand over the period – with only B grade experiencing an increase in vacancies.
“A grade vacancy fell from 5.7 per cent to 4.8 per cent, and C grade dropped from 13.5 per cent to 12.4 per cent. B grade vacancy increased from 15.2 per cent to 17.5 per cent.
“A grade enjoyed the strongest net absorption totalling 24,904sqm in the past six months to January 2016 – bringing the total for the past 12 months to 39,044sqm.”
Ms Wilson said that while there is no new space in the pipeline for 2016, 133,386sqm of projects are mooted.
Media contact: Felicity Wilson | M 0410 509 280 | E [email protected]
Analysis – MACQUARIE PARK MARKET
Headline comments:
- Vacancy decreased over the period
- This was due to positive demand and withdrawals
- Only the B Grade segment increased in vacancy
- There is no space in the pipeline over the short to medium term
Vacancy analysis:
- Vacancy decreased from 8.4 per cent to 8.2 per cent over the 6 months to January 2016
- The vacancy decrease was due to 18,329sqm of net absorption and 3,219sqm of withdrawals
- 21,423sqm was added over the period
- Only the B Grade segment recorded negative demand and an increase in vacancy
Future supply:
- There is no supply in the pipeline over the short to medium term
- 133,386sqm of projects are mooted
Key market indicators, Macquarie Park (aggregate)