Where Does Office Stand?

The Property Council of Australia released the Office Market Report recently.

According to the report, Brisbane CBD vacancy increased in the six months to July 2020 as a result of supply additions. The rate increased from 12.7% to 12.9%, with 11,785m2 of additions. Net absorption was 3,724m2 and A grade and C grade were the most in demand.

There is 1,604m2 of space due to come on the market in the second half of 2020, with 44,000m2 planned for 2021 and over 81,000m2 from 2022 onwards.

For the Brisbane Fringe region, vacancy increased from 13.6% to 14.2% as a result of 10,084m2 of supply additions. All grades now have vacancy above 11%.

Net absorption totalled 801m2 and B grade was the only segment to see positive demand. There is 11,539m2 of space is due to come online in the second half of 2020, with 35,966m2 in 2021 and 24,000m2 from 2022.

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