The January 2010 Office Market Report was released by the Property Council of Australia. The Perth CBD vacancy increased slightly from 8% (109,170 sq m) in July 2009 to 8.2% (112,739 sq m) in the 6 months to January 2010 as a result of further new supply. Despite the vacancy rate increase there was a return to positive net absorption, 4,541 sq m, over the reporting period. In context, the current vacancy rate is still below Perth’s 15-year historical vacancy rate of 10 %.
Commenting on the figures, WA Executive Director of the Property Council of Australia, Mr Joe Lenzo said, “Business decisions driven by fear, that were prevalent in early 2009 are gone. As we enter the early weeks of 2010, it is clear that most companies are preparing for future growth; expansion plans are being dusted off, unemployment is trending down and sub-lease opportunities have peaked. Reduced rents, full floor vacancies and a pick up in business confidence have seen the number of leasing enquiries increase in the past three months.
For further information and analysis please visit our special Office Market Report website which is located at:
http://www.OfficeMarketReport.com.au.
The Property Council of Australia would also like to thank the following agents for their attendance at preparatory meetings for the Office Market Report:
CB Richard Ellis
Andrew Denny, Luke Bray and Kelly Dyball
Knight Frank
Bret Madden and Greg McAlpine
Jones Lang LaSalle
David Evans and Ross Skelton
Savills
Graham Postma and Alyson Martinovich
Colliers International
David Cresp and Quyen Quach
Burgess Rawson
Clive Norman
