Brisbane's record office vacancy rates have improved, despite the introduction of major new commercial buildings in the CBD, a Property Council of Australia report has found.
The city's vacancy rate dropped from a record 16.9 per cent to 15.3 per cent in the past six months but still performed worse than a year ago, when the rate was 14.9 per cent.
More QLD News Videos
- Video duration
- 02:21
Inside the Tower of Power
Inside the Tower of Power
A tour inside the "very open plan" One William Street, which will be home to 5,000 Queensland public servants.
Up Next
Goose takes on goat
- Video duration
- 01:00
- Video duration
- 01:00
Goose takes on goat
Goose takes on goat
A brave goose holds no fear in battling it out with a goat on the Gold Coast.
Up Next
Rubbish tip search for Rachel
- Video duration
- 01:30
- Video duration
- 01:30
Rubbish tip search for Rachel
Rubbish tip search for Rachel
Police are preparing to excavate the Bowen dump in a bid to find Rachel Antonio, who went missing in 1998. Nine News
Up Next
Boyfriend killed Rachel: coroner
- Video duration
- 01:42
- Video duration
- 01:42
Boyfriend killed Rachel: coroner
Boyfriend killed Rachel: coroner
A coroner rules that 16-year-old Rachel Antonio was killed by her boyfriend Robert Hytch after an "altercation of a violent nature" at Bowen in 1998. Nine News: July 28, 2016.
Up Next
Killer deserved bail: lawyer
- Video duration
- 01:57
- Video duration
- 01:57
Killer deserved bail: lawyer
Killer deserved bail: lawyer
The lawyer for David Bradford, who murdered his wife Teresa in her Pimpama home, says granting him bail for a previous assault was the "right thing to do". Nine News
Up Next
Jellyfish beach 'creepy'
- Video duration
- 01:24
- Video duration
- 01:24
Jellyfish beach 'creepy'
Jellyfish beach 'creepy'
Hundreds of jellyfish wash up on a beach at Deception Bay, north of Brisbane.
Up Next
Bleach festival: highlights reel
- Video duration
- 03:25
- Video duration
- 03:25
Bleach festival: highlights reel
Bleach festival: highlights reel
The Gold Coast's biggest arts and cultural festival returns to the streets and beaches from March 31 to April 16, 2017.
Up Next
Teresa was 'scared' before death
- Video duration
- 01:31
- Video duration
- 01:31
Teresa was 'scared' before death
Teresa was 'scared' before death
Mother-of-four Teresa Bradford was trying to find a new place to live before she was killed by her estranged husband in her Pimpama home on Tuesday. Nine News
Inside the Tower of Power
A tour inside the "very open plan" One William Street, which will be home to 5,000 Queensland public servants.
That improvement was despite the opening of 1 William Street – the so-called "Tower of Power" or, more colloquially among some of its inhabitants, "One Big Willy" – towards the end of 2016.
PCA Queensland executive director Chris Mountford said while it was the best improvement of any capital city CBD in Australia, it did not mean Brisbane was performing particularly well when compared with southern capitals.
The Queensland capital still lagged behind Sydney (6.2 per cent), Melbourne (6.4 per cent), Hobart (8.2 per cent) and Canberra (12.6 per cent).
The Brisbane office market did, however, perform better than Perth (22.5 per cent) and Adelaide (16.2 per cent).
"Brisbane is still in the bottom half of the pack when it comes to CBD vacancy rates," Mr Mountford said.
"While there has been some office buildings withdrawn from the market for redevelopment, new demand is also playing a big role in bringing down the vacancy rate.
 "Demand for office space in the Brisbane CBD is now more than five times higher than historical levels."
The Brisbane fringe market, in suburbs neighbouring the CBD, had a slight drop in vacancy rates, from 12.9 to 12.6 per cent.Â
"While it is positive to see demand and withdrawals keeping pace with new supply over 2016, Queensland is still experiencing historically high office vacancy," Mr Mountford said.
"In this critical election year, it is imperative that the state government works to boost business confidence to invest and create jobs in Queensland."
The PCA report noted 57,676 square metres of office space was withdrawn from the market.
Mr Mountford said that was largely the result of the old Executive Building, the Neville Bonner Building and 80 George Street being vacated to make way for the Queen's Wharf development.
At the same time, 75,853 square metres were added to the market, most notably in William Street.
The report also noted there was "no (additional) space in the pipeline" from 2018 in the medium term.
0 comments
New User? Sign up