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Rise in enquiries for office space implies positive market activity in Australia | 3 September 2013

Demand for office space in Australia has risen by a third in the last twelve months, brokernews.com.au reports.

According to global commercial real estate company, Colliers International, the number of enquiries made with regard to office space across Australia has increased 33 per cent year-on-year. The statistic suggests that initial concerns about market activity have been unfounded.

Additionally, the number of lease transactions that took place in Half 1 2013 was 4.4 per cent greater than those recorded for the same time in 2012.

Most of the investments are being made within the one to 999 sq m range by small and medium-sized tenants. Some 279 such deals equated to a total lease of 82,810 sq m of office space.

By comparison, only 43 deals took place within the 1,000 – 2,999 sq m range, representing just over 68,000 sq m and a lowly eight deals of 3,000 sq m plus accounted for almost 59,000 sq m of total lease space.

Simon Hunt, managing director of office leasing at Colliers International said that the central business districts in Sydney and Melbourne specifically saw an impressive amount of interest.

“We have heard a lot of doom and gloom about the office leasing market this year, but the facts are that there is activity in the market,” he told incleanmag.com.au.

“Enquiry is positive and I think it is worth considering amongst all the negativity and pessimism surrounding the market at present.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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