Demand for office space in the Wollongong city centre showed little change in the 12 months to January 2010, according to the Property Council’s latest Office Market Report.
A slight increase in demand has seen vacancies drop from 8.2 percent to 8.1 percent over the period.
“It is good to see the market stabilise after a period of increased vacancies, but we still need to move firmly back along the path to sustained recovery and growth,” said Chair of the Property Council’s Illawarra Chapter, Geoff Jones.
“The good news is that demand for A Grade office space held up.”
“B Grade building vacancies dropped from 14.9 percent to 13.5 percent, but C Grade vacancies rose from 12.7 percent to 15 percent.”
“Overall, there were no supply additions or withdrawals over the past 12 months, and an increase in demand of 173sqm.”
“7,000sqm of additional office space is due to enter the Wollongong market in 2010, but no additional space is confirmed for future years.”
Key market indicators, Wollongong January 2010
“As a region, our task now is to make the city centre more competitive and ensure we have a strong and sustained period of recovery and growth.”
“Rejuvenating the city centre has to be the top priority for all levels of government if they are seriously committed to a third of the jobs growth in the region occurring in central Wollongong.”
A full overview of the global picture and the outlook for local commercial, residential and industrial markets will be presented at the Illawarra Outlook lunch being held at the Novotel Wollongong, Northbeach on February 12, 2010 from 12noon.
Looking for details on other markets?
Click here for national coverage
Glenn Byres, NSW Acting Executive Director, 02 9033 1907, 0419 695 435
John Nguyen, National Research Manager, 02 9033 1943, 0410 449 210