Office vacancy rate drops

Melbourne’s CBD has the largest drop in office vacancy rates among Australian CBDs in the past six months.

The Property Council of Australia’s office market report released in February shows 22,142sqm of office space was added and 30,964sqm was withdrawn in the CBD during the six-month period.

In the next three years, more than 450,000sqm of new stock will be supplied in the CBD.

The Property Council’s CEO Sally Capp said: “The decrease in Melbourne’s office market vacancy rate was fuelled by strong demand and saw a flight to quality.”