Office vacancy rate on the rise in Wollongong

Office vacancy rate on the rise in WollongongWollongong has recorded a rise in the vacancy rate in its CBD office market over the past 12 months, according to the Property Council of Australia’s latest Office Market Report released this month.The vacancy rate in Wollongong rose from 11.1 percent to 13.7 percent in the past year, with a combination of negative demand and a small number of supply additions fuelling the result. Across the market, net absorption fell 3,485sqm – though the D grade market was immune to the trend and recorded a rise in net demand of 197sqm. Supply additions totalling 0sqm came into the market.The figures reinforce the need for policymakers to continue to lay a platform for investment and job creation in the City and broader region.Full details of the Office Market Report, along with expert analysis by a first-class panel on Wollongong’s retail, commercial and residential markets was released at the Illawarra Outlook Lunch on Wednesday, 11 February at the Novotel Wollongong.