Office Space Still in Decline in Newcastle

20090825_0798 (Small)Recently the Property Council of Australia held their annual conference where they released the office vacancy data for both metropolitan and regional areas across Australia.

With a hot breakfast in front of us and a ballroom full of eager participants, we were keen to see how our steel city had faired against the major players of Sydney, Melbourne, Brisbane & Perth.

Whilst there was some doom and gloom with slowing markets in Melbourne & Perth, Newcastle office space vacancies decreased even further from 7.3% in 2011 to just 6.7% in 2012 with further decline expected for 2013.

Rather than and cry into our scrambled eggs on toast or rant & rave of our disappointment,  we were upbeat as we know that the silver lining is that this statistic opens the door for those that are looking to develop a new building or upgrade an existing.

Fact is that the current office vacancy factor is the lowest it has been in 5 years.

So the message is clear, if you have a building that can be converted to office space or if you were considering an office development……Newcastle is your oyster.

Upgrade your existing building, convert a retail space or lodge those development plans.  The market needs you.

Jason Morris
Commercial Specialist

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