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Demand increases for commercial property

The availability of commercial property in Australia's central business district is decreasing as it increases in popularity, a Jones Lang LaSalle report has claimed.

Demand for commercial property in Australia's central business district (CBD) has increased, a report has claimed.

Published by Jones Lang LaSalle, the report shows that the vacancy rate of office properties in the CBD decreased from 8.2 per cent in the third quarter of 2010 to 7.9 per cent in the last quarter.

Andrew Ballantyne, director of office market research at Jones Lang LaSalle, said that the labour market was a "lead indicator" for the office sector.

"The strong gains recorded in the Australian labour market over the past 18 months have translated into above trend net absorption figures," he explained.

According to the firm's report, positive net absorption in the final quarter of 2010 reached 74,400 sq m and for the whole year it totalled 450,000 sq m.

Last year, data from PRDnationwide Research suggested that rental yields were more enticing further away from the CBD.

Just three of the top-ten suburbs in New South Wales for house sales growth in the first half of the year were within ten kilometres of the state's CBD, the data showed.

Posted by Steve Douglas

- property, commercial, CBD, lease

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