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Parramatta records strong positive demand

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Parramatta records strong positive demand
Parramatta is continuing its rise with more new office space coming onto the market, according to the Property Council of Australia’s Office Market Report released today.
Net absorption in Parramatta has increased to 28,673sqm, while the vacancy rate has risen from 4.8 per cent to 6.4 per cent over the six months to January 2021.
“For all that is going on in the world, Parramatta is still in a strong position,” the Property Council of Australia’s Western Sydney Regional Director Ross Grove said today.
“Parramatta now has more office space leased than it had pre-COVID, and we have more people taking up office space than leaving. ....

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One-fifth of Perth office space is empty

One-fifth of Perth office space is empty
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One-fifth of Perth office space now lies vacant after the pandemic pushed the vacancy rate 1.6 percentage points higher in a market already fighting to recover from the last resource-boom hangover, the latest
Office Market Report shows.
Further weakening over the past six months lifted a CBD vacancy rate that had already risen to 18.4 per cent in August â the first rise in three years â and landlords are desperately hoping for a return to office of workers in a year in which 42,000 sq m worth of new office space will come on to the market. ....

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ACT Office Market Vacancy unchanged despite COVID-19

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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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