Office Market Report Event

The latest commercial vacancy figures were revealed during the Property Council’s Office Market Report Breakfast, held on Thursday 7 February, with over 300 people in attendance.

Matthew Miller, Regional Manager QLD, Commercial for Lendlease, moderated the event and provided the latest figures for Queensland’s office markets. Panel members included Matt Kearney, Director of Colliers International; Charlotte Stratton, Head of Leasing for GPT; and Bradley Norris, Regional Development Director QLD & WA for Charter Hall.

Panellists explained that the positive decrease in vacancy observed during the latest report is a product of positive tenant demand and withdrawals from the market.

Matt Kearney spoke to the recent withdrawal of Brisbane Transit Centre, which has been a catalyst for market activity, with many of the former occupiers leasing new space within the CBD.

He also spoke to the ‘flight-to-quality’ pattern that has been observed in recent years, believing that the demand will continue throughout 2019 and the market will see premium incentives consequently withdrawn; a pattern that will flow down the asset classes.

Bradley and Charlotte also suggested that demand would continue throughout the year and stated that the vacancy in the prime market is more likely sitting at 7% – at the day of the event – which will be picked up in the Property Council’s Mid-Year Office Market Report.

Panellists also agreed that while Brisbane, the Fringe and the Gold Coast were leasing well, the Sunshine Coast’s increase to 21.8% vacancy was a cause for concern.

The Property Council would like to thank Matthew, Matt, Charlotte and Bradley for speaking at the event. Thank you also to our sponsor, Lendlease.

More information or to buy the latest Office Market Report, visit the Property Council’s website.

The event was also used as an opportunity to raise funds to support the local community in Townsville, following the devastating floods. If you would like to donate, please visit Givit’s website.  

Photos from the event are available here.