The Gold Coast’s office vacancy achieved a slight decrease over the six months to July 2012, but still remains the highest in the country, according to the Property Council of Australia’s latest Office Market Report.
Vacancy tightened marginally over the period, from 22.0 percent to 21.5 percent, driven by both withdrawals and absorption, Queensland Executive Director of the Property Council of Australia Kathy Mac Dermott says.
"A total of 4292sqm was added over this period, which was almost balanced out by withdrawals of 3453sqm and absorption of 2723sqm," Ms Mac Dermott says.
"All grades, except for B Grade, experienced slight vacancy decreases over this period."
"With only 1723sqm due to come online in the second half of 2012, this should provide the market with further room for absorption."
"Over the six-month period, vacancy in Broadbeach decreased to 11.1 percent from 16.8 percent, significantly lower than the 30.3 percent vacancy rate recorded at the same time last year."
"The Southport and Robina-Varsity Lakes markets experienced little change, with decreases of 0.7 and 1.0 percentage points, respectively."
"Both Bundall and Surfers Paradise saw vacancy increases, with Bundall up by 0.8 percentage points to 32.1 percent, its highest level in more than 19 years. The Surfers Paradise vacancy rate increased by 1.6 percentage points over the six months, to reach a staggering 28.5 percent."
"While certain markets across the Gold Coast remain depressed, Broadbeach is edging towards healthy vacancy levels. As work on major projects such as the Commonwealth Games and the Gold Coast Rapid Transit increases, this will help the market will begin its gradual recovery."