National Australian Office Vacancy Rises to 8 Per Cent
Office rents have fallen, and incentives have risen (a rental discount offered by the landlord usually in the way of a discounted rent, or contribution to fit out costs).
“We have not reached the peak vacancy in any major city yet and to that extent the leasing market will have to deteriorate further,” Commonwealth Property Office fund manager Charles Moore is reported as saying in the AFR.
Office vacancy levels in Sydney rose slightly in the six months to January 2010, to 6.6 per cent.
Melbourne’s CBD office vacancy rose from 4.8 per cent to 6 per cent, while Brisbane has one of the highest major city vacancy rates, at 9.2 per cent.
