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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.”

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