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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
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