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The latest metropolitan office report from Colliers International shows office markets have not been immune to the global financial crisis but limited supply should help stem a blowout in vacancy rates.
Transactions were few and far between in the six months to March, Colliers International said, and vacancy rates increased across all capital markets.
In Sydney the vacancy rate rose from 7.83 per cent in the fourth quarter of 2008 to 9.40 per cent in the first quarter this year – the highest rate in the country.
The lack of new supply scheduled to come in to markets in the medium-term however should keep vacancy rates contained, Colliers director of commercial research Felice Spark said.
“We do not expect a blowout in vacancy rates in metropolitan office markets, which will keep rents from falling substantially,” she said.
“However, the sub-lease market is expected to grow as the consolidation of space by tenants will continue, creating some further softening in rents and incentives to rise.”
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