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Recovery underway for prime office rents

Rental rates increased during the last quarter in Australia's capitals.

The prime office rental market in Australia's eight regional capitals has seen an upturn in recent months, new data has revealed.

According to the latest MarketView report from CBRE, average rental yields increased by 3.9 per cent during the third quarter of the year, with Sydney, Melbourne and Perth demonstrating the strongest growth.

The Property Council of Australia reports the market has now recovered to levels not seen since the onset of the global financial crisis back in 2008.

However, CBRE's report predicted a cooling of the rental market across the country over the coming year, although strong economic growth could offset a major dip.

The news follows the recent publication of the RP Data-Rismark Home Value Index, which highlighted a downturn in home valuations during October in the state capitals. An overall fall of 0.5 per cent was registered during the month, with the greatest reductions in Hobart and Adelaide.

Posted by Craig Francis

- rent, office, commercial, Adelaide, Hobart

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