Columns
Residents' Association Image

Residents' Association

Candidates night success
Read more >>

Business in Southbank Image

Business in Southbank

Gorsia Designs opens in Southbank
Read more >>

St Johns Southgate Image

St Johns Southgate

Heroes and villains
Read more >>

Owners Corporation Law Image

Owners Corporation Law

Why the delay Minister?
Read more >>

Montague Community Alliance

Can you plan a Montague culture …
Read more >>

Housing

We are losing our social licence to operate
Read more >>

Federal Politics Image

Federal Politics

A personally fulfilling outcome
Read more >>

We Live Here Image

We Live Here

Make your vote count
Read more >>

Southbanker Image

Southbanker

Gold “Porsche-un” for Niven
Read more >>

History Image

History

Limbless in Southbank
Read more >>

Yarra River Business Association Image

Yarra River Business Association

There’s so much to love about the Yarra
Read more >>

Skypad Living Image

Skypad Living

Vertical visions of lord mayoral candidates
Read more >>

Health and Wellbeing Image

Health and Wellbeing

Stress in relationships:the sources and the antidotes
Read more >>

Pets Corner Image

Pets Corner

Not so graceful groodles
Read more >>

Southbank Fashion Image

Southbank Fashion

Spring racing in Southbank
Read more >>

Street Smarts Image

Street Smarts

Power Street – Southbank
Read more >>

Letters Image

Letters

Get off your bike!
Read more >>

Vacancy rates increase

11 Feb 2012

Office space vacancy rates have slightly increased in Southbank.

According to the Property Council of Australia (PCA), in the six months to January 2012 the area’s office vacancy went from 5.7 per cent to 6.4 per cent.

The PCA said there was no new space on the horizon for Southbank and the increased vacancies were a result of net absorption rate of -3356 square metres.

It seems Southbank is the anomaly in Melbourne as the news was positive for St Kilda Rd, which had a decrease in office vacancies in the six-month period. Its 13.4 per cent vacancy rate came down to 10.8 per cent.

The PCA said the St Kilda Rd changes were due to net absorption and withdrawals, and that there was very little space in the pipeline for the St Kilda Rd market.

Overall the Melbourne CBD also decreased its vacancy rates, down from 5.8 per cent to 5.3 per cent. That is the lowest level since July 2009.

Of Melbourne’s overall office market the PCA’s Victorian executive director   Jennifer Cunich said: “The Property Council’s Office Market Report has demonstrated that Melbourne’s office market has remained competitive and strong in the second half of 2011.”

Stay in touch with Southbank. Subscribe to FREE monthly e-Newspaper.

You must be registered with Southbank Local News to be able to post comments.
To register, please click here.