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PCA highlights growing office demand

Businesses are looking to take on greater amounts of Australian office space at present.

Research carried out by the Property Council of Australia (PCA) has highlighted a surge in supply for office space across the country during the last six months.

According to the organisation's latest Office Market Report, the nation's office vacancy rate now stands at its lowest since January 2009 at 7.8 per cent, with demand for these types of property increasing all the time.

"Australia's multi-speed economy is driving office market fundamentals and shaping business confidence," commented PCA chief executive Peter Verwer.

He added that the level of demand now stands above the 20-year average for Australia, with only Sydney, Canberra and Adelaide out of all Australian capital cities showing a decrease in activity in CBD markets.

Last month, the PCA highlighted significant growth in buyer activity in the Brisbane office market during the first half of the year. In total, more than AU$600 million was invested into the sector.

Posted by Steve Douglas

- office, confidence, economy, commercial, rent

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