Darwin Office Market Vacancy on the mend
The Darwin office market vacancy has decreased in the last twelve months on the back of positive demand.
The Property Council of Australia’s latest Office Market Report found that the office vacancy rate for Darwin was 10.9 per cent in January 2015, down from 11.6 per cent in January 2014.
The Office Market Report is the most reliable, independent measure of office vacancy rates in Australia.
While the higher grade buildings remained steady, it is in the C-grade building stock that there has been strong demand, with the vacancy rate dropping from 21.3 per cent in 2014 to 10.6 in 2015.
“We are seeing a consolidation of office stock in Darwin, with the vacancy rate dropping and just over 16,000 sqm of space in the pipeline for 2015” said Property Council of Australia Executive Director Joe Lenzo.
“It is a positive sign for the future in Darwin that demand has returned to the market, particularly in the more affordable buildings.”
For further comment:
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Joe Lenzo |
Graham Hansen |
Key market indicators, Darwin CBD (aggregate)
|
Grade |
Vacancy, Jan 15 (%) |
Vacancy, Jan 14 (%) |
Net absorption, 12 months to Jan 15 (sq m) |
Net absorption, 12 months to Jan 14 (sq m) |
|
A |
9.3 |
8.9 |
-7 |
-4,544 |
|
B |
13.9 |
11.1 |
-1,892 |
293 |
|
C |
10.6 |
21.3 |
3,882 |
341 |
|
D |
0 |
0 |
0 |
0 |
|
Total |
10.9 |
11.6 |
1,483 |
-3,910 |
More information available at www.propertyoz.com.au/officemarketreport