Office demand on the rise in Wollongong
Wollongong has seen an increase in demand for Wollongong office space over the past twelve months. The vacancy rate in Wollongong decreased from 13.7 per cent to 12.2 per cent, as reported in the Property Council of Australia’s latest Office Market Report.
Wollongong has seen a decrease in vacancy rates across almost all grades. Over 2,460 sqm of office space was added to Wollongong’s office stock, with positive net absorption of 4,341 sqm. The strongest demand recorded for A Grade office space, with a net increase in demand of 2,457 sqm.
This overall increase in demand reverses trends observed in recent years, and is testament to the growing economic diversity and success of the recent wave of public and private sector investment in rejuvenating Wollongong City Centre.
While the Illawarra is witnessing increasing demand and growth, significant infrastructure and policy changes are needed to continue this momentum and unlock the region’s potential. Issues of improved transport infrastructure, housing affordability and creating local job opportunities are central to this.
These issues and full details of the Office Market Report, will be released at the Illawarra Outlook Lunch on Wednesday, 24 February at the Novotel Wollongong. To register click here.