Melbourne Top End Office Rents Amongst Cheapest in Australia

According to research from Jones Lang LaSalle, rents for “premium” top end offices in Melbourne average $535 per square metre – far less than traditional rival Sydney ($900 per square metre), and boom-towns Perth ($935 per square metre) and Brisbane, which commands the highest average premium grade rent of $950 per square metre.

Jones Lang LaSalle senior leasing manager Rainer Paterson says Melbourne’s most expensive office at the moment – level 38 of the ultra ritzy 120 Collins Street office building – is expected to fetch more than $750 per square metre – at least 30 per cent cheaper than its major interstate rivals.

Adelaide is the only major capital bucking the trend.

Whereas premium grade office vacancy levels in the other major CBDs are 3 per cent or less, around 13 per cent of premium grade offices are vacant in Adelaide, according to the Property Council of Australia.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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