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Office markets to feel the brunt of economic crisis

Staff Reporter 1 minute read

Rising unemployment and lacklustre economic growth are tipped to batter Australia’s commercial property markets in 2009.

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While the commercial sector was expected to surge before the credit crunch hit, mounting job losses are expected to create a rising glut of available space – especially in Sydney because of its exposure to the finance sector.

Morgan Stanley property analyst Lou Pirenc told The Australian Financial Review he expected a severe decline in demand in the sector over the next 12 to 18 months.

“We have [office vacancy rates in] all markets going above 10 per cent, maybe to 12 per cent,” he said.

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Office markets to feel the brunt of economic crisis
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