OfficeStaff WriterMon 28 Oct 13
Investors breathe sigh of relief as CBD office markets stabilise
Statistics released by
Jones Lang LaSalle Research show that commercial office market conditions stabilised in Q3-2013, with CBD office markets recording the first quarter of positive net absorption since the final quarter of 2012.
Despite the national CBD office market vacancy rate increasing to 11.3% - the highest level since 1999 - Jones Lang LaSalle recorded positive net absorption of 12,500 sqm across CBD office markets over the quarter.
Jones Lang LaSalle’s Head of Office Leasing, Australia & NSW, Tim O’Connor said, "Business confidence has rebounded post the Federal Election. Stronger business confidence has stymied the rise in sub-lease availability."
Australia's capital cities recorded the following net absorption levels:
Canberra +30,400 sqm
Melbourne +23,300 sqm
Sydney +0 sqm
Perth (24,500 sqm)
Brisbane (12,800 sqm)
Adelaide (-3,400 sqm)
