Office Market Update – 3rd Feb
February 14, 2022
Liberty Flexible Workspaces have sponsored The Property Council of Australia’s Office Market Report (OMR) since 2011. The OMR is a biannual piece of research that benchmarks the performance of the Office Markets across Australia, and its findings are presented at Property Council Events across Australia in February and August every year.
Our Chief Liberator, Jamie Vine, had the pleasure of welcoming guests at a Sundowner Event on Thursday 3rd February alongside Alison Beamish from Brookfield Properties.
Over the last 11 years, we have seen booms, once-in-a-generation downturns, and a global pandemic and as a result, we have had vacancy rates (being the vacant office space as a percentage of the overall market) as low as 2% and as high as 25%.
The report’s findings were presented by Ronak Bhimjiani, Director of Research and JLL.
The good news is Perth performing well. The vacancy rate has dropped to 15% (a 7-year low) and overall net absorption was at a 10 year high. Further sublease vacancy has dropped to only 0.9% of the market (a 10-year low) which indicates that businesses are growing and no longer looking to reduce their footprint.
Nationally Sydney, Melbourne, and Brisbane all experienced a rise in vacancy as a result of their extended periods of lockdown and restrictions, whereas Adelaide enjoyed a drop in vacancy alongside Perth.
Whether you are in the real estate business or not, the Office Market Report is an excellent barometer of business confidence, and it seems things are continuing to go from strength to strength in the West!