OFFICE vacancy rates on the Gold Coast are at their lowest levels since the 2008 Global Financial Crisis.
The Property Council of Australia’s Office Market Report reveals the Gold Coast office vacancy rate has improved from 16.7 per cent to 15 per cent over the past six months.
This strong demand has continued through to July and has resulted in over 21,000 square metres of net absorption over the past year, said Queensland Executive Director of the Property Council of Australia Kathy Mac Dermott.
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“While the region maintains the highest vacancy in the country, the margin between the Gold Coast and other CBDs around the country has drastically reduced,” she said.
“The difference between the Gold Coast headline vacancy rate and the Brisbane CBD has condensed from well over 15 per cent in 2011, to just 0.3 per cent now.
“This is a positive sign that activity and confidence is returning to the Gold Coast.
“Interestingly the only sub market on the Gold Coast to record an increase in vacancy was Southport. The vacancy rate in Southport rose from 13.7 to 14.2 per cent.”
Southport is set to be a priority development area in the coming 12-months.