Columns
Business in Southbank Image

Business in Southbank

Cutting edge living
Read more >>

St Johns Southgate Image

St Johns Southgate

That’s awesome!
Read more >>

Owners Corporation Law Image

Owners Corporation Law

Electric vehicle charging and the rise of the machines
Read more >>

Montague Community Alliance Image

Montague Community Alliance

At last, a Fishermans Bend Framework!
Read more >>

Metro Tunnel

Building Anzac Station
Read more >>

Federal Politics Image

Federal Politics

Liberals and Nationals ship sheep
Read more >>

We Live Here Image

We Live Here

Cladding – remove now, pay later?
Read more >>

Southbanker Image

Southbanker

Walking for a purpose
Read more >>

Housing Image

Housing

We are leaving an intergenerational time bomb for our children
Read more >>

History Image

History

From corporate office to high-end living
Read more >>

Safety and Security

Stifle the opportunity
Read more >>

Southbank Sustainability Group Image

Southbank Sustainability Group

Sustainability talks and Boyd Park
Read more >>

Health and Wellbeing Image

Health and Wellbeing

Positive psychology for increased wellbeing
Read more >>

Skypad Living Image

Skypad Living

Luv thy NABERS (for apartments)
Read more >>

Pets Corner Image

Pets Corner

Enter the “Shiba Zone”
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

The cost of cladding
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.