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ACT Office Market Vacancy unchanged despite COVID-19
ACT Executive Director, Adina Cirson said the Property Council of Australia’s latest Office Market Report for the ACT reveals the market maintained its low vacancy rate as a result of strong positive demand in the Canberra commercial leasing sector.
Office vacancies are calculated on whether a lease is in place for office space, not whether the tenant’s employees are occupying the space or working from home.
“Over the last six months to January 2021, Canberra’s overall vacancy rate held steady at 10.1 per cent, down from 13.3 per cent recorded in January 2018, highlighting the continued tightening in the market. The Commonwealth employment base and long term tenancies in Canberra are no doubt helping our vacancy rates remain steady against the increasing vacancy trend seen across the country,” Ms Cirson said.
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