Gold Coast office vacancy declines on market demand

Gold Coast office vacancy declines on market demand
Healthy demand for office space on the Gold Coast has seen vacancy rates fall over the final half of 2017.

The Property Council of Australia's latest Office Market Report, released today, shows that over the last six months of 2017, Gold Coast office vacancy fell from 11.3 to 10.6 per cent off the back of positive market demand and building withdrawals.

"Vacancy rates have now been falling on the Gold Coast for a year and a half, indicating a growing strength in the local economy," says Queensland executive director of the Property Council, Chris Mountford.

"The Gold Coast office market is now preforming considerably stronger than the Brisbane CBD, which is sitting at 16.2 per cent vacancy.

"The sharpest decline in vacancy was felt in Surfers Paradise, with strong tenant demand driving a 3.1 per cent drop in vacancy levels.

"Positive tenant demand was primarily observed in A Grade stock, with tenants seeking to shift to higher quality premises.

"With 5,576sqm of new office space in the pipeline for 2018, and 4,000sqm mooted over the long-term, the Gold Coast will need to continue to generate new job-creating opportunities this year in order to maintain current vacancy levels."

Gold Coast vacancy rates by suburb: 
  • Broadbeach: vacancy decreased from 8.7 per cent to 6.6 per cent due to 638sqm of net absorption
  • Bundall: vacancy increased from 11.5 per cent to 11.8 per cent due to -300sqm of net absorption
  • Robina-Varsity Lakes: vacancy increased from 6.8 per cent to 7.2 per cent due to net absorption of -506sqm
  • Southport: vacancy decreased from 14.0 per cent to 13.2 per cent due to 2,800sqm of withdrawals
  • Surfers Paradise: vacancy decreased from 15.1 per cent to 12.0 per cent due to 3,063sqm of net absorption

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Top tips for successful digital transformation
Partner Content
Digital transformation, when done well, can transform your organisation's operation...
Advertisement

Related Stories

Early-stage funding hits record high as mega-deals drop off

Early-stage funding hits record high as mega-deals drop off

Despite venture capital funding falling by a third for Australian s...

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

The parent company of Boost Juice is set to return to Australian ha...

Emyria, Little Green Pharma shares spike after TGA green light for MDMA and psilocybin

Emyria, Little Green Pharma shares spike after TGA green light for MDMA and psilocybin

Alternative medicines stocks are on a tear today as investors take ...

KKR-backed Alludo presses on with Nitro Software takeover plans, brushes off shareholder rejection

KKR-backed Alludo presses on with Nitro Software takeover plans, brushes off shareholder rejection

A $526.8 million takeover proposal for Nitro Software (ASX: NT...