The Melbourne CBD is the standout performer of a tightening Australian office landscape according to the latest Australian Office Market Report released by the Property Council of Australia.
Office market vacancy rates across Australia fell from 9.6% to 9.1% over the six months to July 2018, with Melbourne’s office vacancy rate hitting a ten year low of 3.8% (down from 4.6% in January 2018) – the lowest vacancy rate of all Australian CBDs.
All the CBD markets record declines in their vacancy rates during the period, ranging from 3.6% in Melbourne; 4.6% in Sydney; 12.1% in Canberra; 14.7% in Adelaide; 14.6% in Brisbane and 19.4% in Perth.
“Office vacancy rates are a good measure of economic performance, and Melbourne is the stand-out performer of the nation,” said Ken Morrison, Chief Executive of the Property Council.
Five of the top ten performing non-CBD markets are in New South Wales and include Parramatta, Macquarie Park, North Sydney, Chatswood, and Crows Nest/St Leonards.