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The chasm between the resource-dependent office markets of Perth and Brisbane and the service-orientated markets of Sydney and Melbourne is widening
AUSTRALIA, 11 July 2012 – Statistics released by Jones Lang LaSalle Research showed that the leasing market remained challenging in Q2. Nevertheless, positive net absorption was recorded and the rise in the national vacancy rate was a direct result of increased backfill space availability in Brisbane, Melbourne and Perth.
Mr George said “Projections of mid-teen vacancy rates in the Brisbane CBD following the completion of 111 Eagle Street have proven to be inaccurate. The pre-production phase of large scale resource and energy projects is very labour intensive and continues to underpin the demand for office space. Similar to Perth, I expect a number of pre-commitments to be announced over the next 12 months.”
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