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 7.9 per cent to 7.1 per cent in the six months to July 2016.
“Macquarie Park’s office market has benefitted from positive demand for the past six months, with net absorption totalling 4,207sqm,” NSW Executive Director Jane Fitzgerald said today.
“A, B and C grades all enjoyed a cut in the vacancy rate but only the A and B grade markets had positive demand over the period.
“A grade vacancy fell from 4.5 per cent to 4.3 per cent, B grade from 17.0 per cent to 14.9 per cent and C grade dropped from 12.4 per cent to 10.4 per cent.
Ms Fitzgerald said that 10,000sqm of space is due to come online in 2017 and 122,671 of projects are mooted.
For more information or to purchase the July 2016 Office Market Report, click here.
Media contact: Jane Fitzgerald | E [email protected]
Office Market Report July 2016
Analysis –Macquarie Park market
Headline comments:
- Vacancy decreased over the period
- This was due to positive demand and withdrawals
- Only the C Grade segment recorded negative demand
- There is some space due to come online in 2017
Vacancy analysis:
- Vacancy decreased from 7.9 percent to 7.1 percent over the six months to July 2016
- The vacancy decrease was due to 4,207sqm of net absorption and 3,132sqm of withdrawals
- Only the C Grade segment recorded negative demand over the period
Future supply:
- 10,000sqm of space is due to come online in 2017
- 122,671sqm of projects are mooted