A new report from Colliers International shows that the Gold Coast Office Vacancy Rate is continuing to improve. With over 8,000sqm of notable area leased on the Gold Coast in the first half of 2013, the city’s office vacancy rate is expected to improve by close to 1%, bringing the total percentage down to circa 19% leading into the second half of this year. The vacancy rate reached a peak of approximately 24% in January 2011, making this anticipated improvement of 5% (or 23,500sqm absorbed in a two and a half year period) one of the best results in Australia, compared to other regional and capital cities. The Gold Coast is currently ranked 12th in terms of volume of office space (465,000sqm), compared to any of Australia’s capital CBDs and large regional cities, surpassing the total supply of Hobart (360,000sqm) and Darwin (205,000sqm) according to the historical approximate figures of the property council of Australia. With considerable infrastructure projects under construction, including the $1.76 billion new university hospital and the $1.8 billion rapid transit system, plus the preparation of hosting the 2018 Commonwealth Games, the Gold Coast is well positioned to continue it’s positive trend of population and business growth.
Posted on: Tue, 13 Aug 2013 02:38:02 +0000
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