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Docklands leads in commercial

28 Feb 2018

Docklands leads the Melbourne commercial property success story with the lowest vacancy rate in the CBD.

The latest Property Council survey released last month shows a vacancy rate of just 1.2 per cent in January 2018 – down from the previously impressive rate of 2.1 per cent in July last year.

In the last year, some 18,988sqm of commercial space has been absorbed in Docklands – about a quarter of the 74,829sqm that has been absorbed across Melbourne’s CBD.

The Property Council’s Victoria executive director, Sally Capp, said the overall CBD vacancy rate had improved from 5.9 per cent to 4.6 per cent over the six months to January 2018.

“Melbourne has experienced the largest drop among Australian CBDs and now boasts the equal-lowest vacancy rate amongst all of Australia’s CBDs,” she said.

“The decrease in Melbourne’s office market vacancy rate was fuelled by strong demand and saw a flight to quality, with demand concentrated in the A Grade segment.”

“Over the last six months, 22,142sqm of space was added and 30,964sqm was withdrawn. Across the next three years, Melbourne CBD will supply over 450,000sqm of new stock. Pre-commitments for this future stock sit at over 54 per cent.”

Ms Capp said Melbourne’s future commercial office supply remained a top concern for the Property Council.

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