Melbourne Offices: Alive and Well

Even though things may be slowing in Queensland and over in the West … the Melbourne CBD Office market seems to be travelling quite well.

Last year, it recorded the second highest take up of space at around 203,000 sq metres.

Melbourne CBD Office Vacancies During the first half of 2008, the vacancy rate has tightened from 4.4% to 3.1%.

And this should continue within the “balanced” band of 5% to 7% till 2012.

Rental levels have also increased due to strong demand and limited new supply. And the tightening in financial sector is likely to affect Sydney, far more than Melbourne.

While things may move sideways from now until Christmas … you can expect a rebound in leasing and sales activity in the New Year.

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