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Coast Office Vacancies Tumble as A-Grade Stock Demand Soars
The stats are in and confirm what we all knew. The Sunshine Coast office market continues to show robust growth amidst “resilient tenant demand,” according to the Australian Property Council 2022 Office Market Report.
Three consecutive years of high absorption saw vacancies tumble after climbing to a high of 21.9% in 2018 due to excessive supply.
Over the past 12 months, we have seen the completion of A-grade office stock in Vitality Village (4,700sqm) and Atria, Sippy Downs (818sqm). However, with full or substantial pre-commitment, these developments had little impact on 2021 office vacancy statistics.
Demand for A-grade stock continues to soar with take-up of 10,828sqm for 2021 and vacancies of just 8.0% after peaking at 33.9% three years ago.
New, quality offerings continue to attract growing businesses as well as Brisbane and interstate operations looking for satellite options so staff can work close to home and enjoy the region’s lifestyle benefits.
The Sunshine Coast outperformed other Australian non-CBD markets, including Parramatta, Newcastle and Brisbane fringe, landing the number one position in terms of total net absorption. Not bad for the third smallest office market recorded by the Property Council of Australia.
The region’s growth surge was tempered only slightly by COVID-19. The rush for top quality property continues now the Queensland border has re-opened.
With the world’s spotlight on South East Queensland for the 2032 Olympic Games, together with the massive investment into infrastructure in the region and the anticipated population gains, office assets are expected to continue their solid performance. That makes office properties an ideal proposition for investors or owner-occupiers.
With limited new stock projected to enter the office market, vacancies are likely to continue to compress, pressuring rents upwards and further cementing their appeal for investors.
To discuss your commercial property or for a general chat about the current market, contact our office at +617 5474 7600 or noosacommercial.qld@raywhite.com
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Source: Australian Property Council 2022 Office Market Report.
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