Commercial office vacancy rates are so tight in Melbourne and Sydney’s central business districts that a business needs to plan their move at least 3 years ahead of move day.
Vacancy rates in Melbourne and Sydney are sitting at only 4.6% and according to the Property Council of Australia ‘There is a limited pipeline of new CBD office supply scheduled over the next three years’.
High demand for office space is pushing businesses to think outside the box in major Australian cities and consider moving away from the CBD. Even Oz Minerals have relocated their Adelaide CBD headquarters into a converted warehouse in the Adelaide airport precinct. A move rewarded by the market as a prudent financial decision.