Office Vacancy Survey reveals stabilised vacancy rate in Q1 2012
Friday, 27th April 2012
According the latest Office Vacancy Survey 2012, which now covers just under 15.1 million sqm of stock across 50 commercial nodes, the national office vacancy rate stabilised somewhat in Q1 2012.
The latest Office Vacancy Survey, sheds a degree of positive light on an office sector that continues to operate in a challenging market with vacancies generally above natural levels.
The national office vacancy rate stabilised somewhat in Q1 2012 following marginal yet steady growth over the previous four quarters. While this was only a very slight improvement of just 2bp and conditions for the office sector remain tough, it indicates that some nodes are showing improvement while overall vacancy rates may be beginning to level out.
Prime space continues to outperform lower grade stock, especially in prime decentralized nodes where most areas saw an improvement this quarter. The P grade vacancy rate is currently a low 1.67% while A grade space saw a marginal increase to 8.73%. The largest improvement was realised by C grade space which fell by nearly 2% to 16.41% in line with continued office-to-residential conversions and some demand for C grade space, particularly from call centre operators. The vacancy rate of B grade office space has remained relatively flat over the past two quarters and currently sits at 12.60%.
Source: SAPOA (amended by PropX)
According to Willem Tait, PropX CEO:
Vacancy rates are generally a good indication of actual market conditions. The data reflected above is correct from the given sample. There are still however a tremendous amount of landlords that do not partake in the national survey. For this reason it is always a better idea to get local specialists to give you a better understanding of the geographic area that they focus on.
Welcome to consult with PropX as regard data for specific areas, towns and suburbs
Contact Willem on firstname.lastname@example.org
for more info.
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