Wollongong’s Office Market is looking confident, experiencing positive demand with almost 11,0sqm of new office space due to come online in 2022, making the Wollongong CBD a destination of choice for employment and strong investment.
Property Council Illawarra Regional Director Michelle Guido said over the last year more than 8,000sqm of new office supply entered the Wollongong market demonstrating confidence by investors in the Wollongong CBD.
“The office vacancy rate has increased as a result of this supply from 14.1 per cent to 14.7 per cent in January 2022,” Ms Guido said.
“Increased demand shows signs of a healthy local economy and good prospects for local jobs in the CBD.
“We are currently experiencing record investment across our city, especially with the increased supply of A-Grade office space to attract business and professional services into the Wollongong CBD.
“This investment will not only ensure an increase in office space supply and choice for local businesses, but also strengthen our local economy by providing jobs, revitalising our city centre and bringing more people to the CBD.”
Ms Guido said even with COVID-19 bringing many changes to the way we work, it is clear the office is not dead.
“With 11,0sqm of office space set to be delivered this year and strong positive demand, our CBD still plays a pivotal role as a regional capital,” she said.
“Our proximity to Sydney, our large and skilled workforce and excellent work-life balance, makes Wollongong a key employment destination and we must continue working together to support good strategic planning and the growth of our city.
“This means working strategically with key stakeholders and all levels of government to support the economic rebound of our city and region post COVID-19, backed by good decision making and planning that supports business and investment in our CBD.”
Media contact: Aidan Green | M 04910 300 28 | E [email protected]
Office Market Report January 2022 Analysis – Wollongong market
Note – analysis is the year to January 2022
Headline comments:
- Total vacancy increased in the Wollongong market over the year to January 2022
- This was due to supply additions
- Demand was still positive
- All grades of space have double digit vacancy
- There is some space due to enter the market in 2022
Vacancy analysis:
- Total vacancy increased from 14.1 percent to 14.7 percent in the year to January 2022
- The vacancy increase was due to 8,215sqm of supply additions
- Demand was still positive with 6,161sqm of net absorption recorded
- All grades of space have double digit vacancy
Future supply:
- 11,0sqm of space is due to come online in 2022
- This will be followed by 9,181sqm from 2024 onwards
- 4,400sqm of space is mooted
Key market indicators, Wollongong (aggregate)
