According to Colliers International, there has been a 35 percent increase in tenant enquiry for new office buildings in the Canberra CBD.
Colliers says there is limited new stock in the pipeline, and office vacancy rates represent vacancies in older stock.
Michael Ceacis, Colliers International associate director, says many new buildings in Canberra are pre-committed by Government, a tenant which often occupies the entire building.
“This makes it difficult for private tenants to find office accommodation in new buildings,” Ceacis says.
Of new buildings completing construction in the short term, office tower Nishi will total 3800 sqm NLA and 28 Sydney Avenue, Barton, will total 6000 sqm NLA.
According to Ceacis, landlords are refurbishing older buildings to 4.5 star NABERS rating to attract tenants.
