Brisbane’s CBD has the lowest capital city office vacancy rate in the country after falling to 10.2 percent in July.
The Property Council of Australia’s latest Office Market Report, released today, said the vacancies dropped by 1.6 percent between January and July.
This was driven by 38,785 square metres of demand – almost four times greater than Brisbane’s historical average of 10,165 square metres.
Over the same period the national CBD vacancy rate increased by 0.1 percent to 14.9 percent.
The results mark the first time the Brisbane CBD has recorded Australia’s lowest CBD vacancy rate since tracking began in 1990.
The Gold Coast was Australia’s hottest office market in July, recording the lowest office vacancy rate anywhere in the country at 7.3 percent, down from 7.7 percent in January.
Property Council Queensland Executive Director Jess Caire said the results reflected “the unique workplace experience” provided by offices and the resilience of the Brisbane CBD.
“These results reflect conversations we’ve been having with members for some time,” she said.
“Brisbane is enjoying strong and persistent demand for quality office space, and the city needs a continued pipeline of new office development to keep pace with growth.”
Ms Caire said the falling Brisbane vacancy rate came despite the opening of new office space at 205 North Quay last year, followed more recently by 360 Queen Street.
“Recent office transactions confirm Brisbane remains an attractive destination for investors and reinforce the importance of maintaining conditions that support new office development,” she said.
“Office buildings do far more than provide workspace. They support jobs, productivity, CBD activation and the surrounding hospitality and retail businesses that help our city thrive.”
