NEW data has revealed the demand for office space on the Gold Coast continues to increase.
The Property Council of Australia’s 2019 Office Market Report shows the Coast’s office market vacancy has fallen from 12.0 percent in July 2018 to 11.6 percent in January 2019.
Chris Mountford, Queensland Executive Director for the Property Council of Australia, attributed it to positive tenant demand and encouraging market conditions following the close of the 2018 Commonwealth Games.
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“Figures from the 2019 report show a healthy office market with positive tenant demand and a good level of net absorption. Rather than scaling back post-Commonwealth Games, the region has defied the nay-sayers and continued its growth trajectory,” said Mr Mountford
“Activity has been particularly positive in the Bundall and Surfers Paradise locales, with 2,986sqm of net absorption being recorded across the Coast markets over the period.”
“Robina-Varsity Lakes and Southport also witnessed a decline in vacancy, due to net absorption, which shows growing strength in the local economy.”
The only suburb to see a notable increase in office space was Broadbeach.
“We did see an increase in vacancy in the Broadbeach area, but this was due to 892sqm of supply additions.”
“With little new stock on the horizon for 2019, we can expect vacancy rates to tighten throughout the year, putting the Gold Coast in a strong position going forward,” said Mr Mountford.