Office markets around the country have recorded their best performance in 20 years according to the Property Council’s latest Office Market Report.
The report reveals that during the six months to January vacancies fell in all CBD markets except Canberra, which received significant supply additions.
“All CBD office markets around the country are now under 4.5 per cent vacant,” said Property Council chief executive Peter Verwer.
Some cities’ vacancy levels are as low as those experienced in the 1980s, Mr Verwer said.
According to the report, the CBD centres with the tightest supply are Perth (0.5 per cent), Brisbane (0.7 per cent) and Canberra (2.2 per cent).
Vacancy levels are also low in non-CBD markets – with West Perth sitting at an astonishing zero per cent.
North Sydney recorded the highest vacancy rate of 11.4 per cent; the Council attributed the upcoming office markets of North Ryde and Parramatta as the catalyst for the result.