Newcastle office market strong

The Property Council of Australia’s latest Office Market Report shows that Newcastle’s office market is one of the strongest in the country with vacancy dropping from 10.3 to 9.0 per cent.

The drop in vacancy was due to positive demand and withdrawals indicating Newcastle is a strong, emerging regional office market.

“Newcastle has a strong office market with a growing population and local economic growth. Over the period, 1,2sqm of office space was added indicating there is still strong supply,” Property Council NSW Executive Director Jane Fitzgerald said today.

“All grades of office space recorded a vacancy decrease, with the exception of D Grade, which demonstrates a healthy local market and a good foundation of growth.

“A Grade office space recorded single digit vacancy, which could point to the need to attract a greater array of business to the local market.

Key market indicators, Newcastle (aggregate)

“There is a minimal amount of supply in the pipeline over the short-to-medium term, however 31,600sqm is mooted and we expect to see a long-term trajectory of growth in the Newcastle market.”

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