The latest research from the Property Council of Australia shows a strong recovery in the Australian commercial property market, despite an overall increase in office vacancies. Key market indicators measured by the Property Council’s latest Office Market Report (released in early August) shows net absorption figures at 332,922 sqm over the six months. This figure demonstrates the increased demand for office space in many Australian regions including premium CBD markets.
Increase in demand with a faster increase supply
Despite net absorption of commercial property nationwide being nearly double the historic rate, office vacancy rates climbed to an average of 10%. This was largely due to a substantial increase in office space supply. A total of 571,142 sqm of new office supply was added to the market over the past six months, which is again almost double the historic average supply of 316,635 sqm.
“Such a swift rebound in demand for office space is yet another sign of the relative health of the Australian economy,” says the Property Council’s Acting CEO Ken Morrison. Other international sectors are experiencing much slower rates of recovery, with the US reporting an average vacancy rate of 14.8% in major metropolitan areas including New York.
Tenant demand on the rise and new developments trending upwards
According to the report, tenant demand for office space lease in Sydney CBD has recorded its strongest growth in the past three years. Melbourne CBD is enjoying lower vacancy rates and record level demands for commercial real estate. Meanwhile, the latest data from the Australian Bureau of Statistics shows that residential development approvals throughout Australia have fallen by 3.3% but commercial approvals are on the rise. For investors looking for property sales, Sydney, should offer a number of opportunities with an additional 66,705 sqm of new office space supply scheduled for the rest of 2010 alone.
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