Committee to Tackle Vacancy Rates in Older CBD Buildings

City & Industry Focus on Old BuildingsThe Property Council WA and the City of Perth will set up a working group to tackle the high vacancy level in older, unmaintained buildings in the CBD.The CBD’s office market has been hit hard by exiting and contracting tenants in the years since the mining downturn but with small floor plates and older interiors, older buildings face an uphill battle to secure new tenants. Speaking to The West Australian, Property Council WA Deputy Executive Director Lino Iacomella said the working group would examine what could be done to address high vacancy including incentives for new city tenants and readaptation of old buildings. “Plans are still in the early stages but we will be looking at what can be done at the industry level and the city level to provide guidance to owners of older buildings on how to respond higher vacancies in older buildings and measures to make the city attractive to new tenants,” he said. “This could include the adaption of old buildings from commercial to residential and the promotion of new tenants and industry to the city.”The City of Perth’s planning controls may also be examined as well at the upcoming Office Market Report. “This is important to the Property Council because a lot of owners are members and to the City of Perth because of its interest in the city’s vitality and growth,” Iacomella said.