Commercial office vacancies in the Adelaide CBD have dropped for the fourth period in a row, contributing to an ongoing surge of optimism from the local property industry.
The latest Property Council of Australia office market report reveals a decrease from 14.7 to 14.2 per cent for the city centre. Premium vacancy has also dropped to 2.5 per cent, reflecting increased demand for high-quality stock amongst.
Lord Mayor Sandy Verschoor said the surge of property confidence was another example of Adelaide’s growing reputation as a smart and innovative place to do business.
“Significant investment in infrastructure, major growth in key industries and a number of new private developments underway is all contributing to increased demand for office space from local, national and international business,” she said.
“More businesses in the city means more jobs and greater career opportunities for the community."
“With the rollout of Ten Gigabit Adelaide underway, a number of new builds on the horizon and the likes of Boeing, Babcock International and Technicolor establishing headquarters in the CBD, Adelaide is well and truly open for business.”
The Property Council’s executive director, Daniel Gannon, said the fast-changing Adelaide skyline was a boon for property owners and perspective tenants.
“With residential, commercial, retirement living, retail, medical and student accommodation sites all starting or completing in 2019, there’s no lack of diversity in the construction work transforming the city,” he said.
“Given SA’s property sector has recorded the highest confidence levels in the nation – according to the latest ANZ/PCA index – the future of our market looks buoyant.”
To read more about the latest CBD office vacancy rates read 'CBD office vacanices' as published in The Advertiser on 7 February 2019.