The Gold Coast’s office vacancy rate has continued climbing and is the highest in Australia according to the Property Council of Australia’s mid-year Office Market Report released today.
Property Council of Australia Queensland Executive Director Steve Greenwood said that this reflects the incredibly tough conditions being experienced by the property industry and broader business sector on the Gold Coast.
“The vacancy rate has climbed from 22.4 to 23.4 percent over the six months to July 2010. This is its highest in over 15 years.
“Of all locales within the Gold Coast office market, only one posted a fall in vacancy over the six months to July 2010. However, even though Robina’s vacancy declined by 0.8 percentage points to 28.4 percent, it still has the highest office vacancy rate of any Gold Coast location.
“This increase in vacancy was reflected in the Broadbeach, Bundall, Southport and Surfers Paradise sub locales. However Robina bucked the trend with the vacancy rate falling by 0.8 percent to 28.4 percent.
“An additional 8,120 square metres of office space is due to come online in the second half of 2010, with only 23% of this pre-committed.
“The Gold Coast was hit hard by the global financial crisis, and the reality is that the things are getting tougher, not easier, and our Office Market Report is reflecting this.
Steve Greenwood, Executive Director - (07) 3225 3000 or 0488 721 156