A fifth of Perth office spaces are empty

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A fifth of Perth office spaces are empty

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A fifth of Perth office spaces are empty

New data from leasing company Jones Lang LaSalle (JLL) shows Perth’s office vacancy rate is at its highest rate since 1995, with a fifth of CBD offices sitting empty.

Statistics released by the company for the third quarter of 2015, from July to August, recorded a vacancy rate increase to 19.6 percent in the city’s CBD. Statistics reveal that Perth has experienced a negative net absorption of -42,000 square metres over past 12 months.

JLL Australia’s head of strategic research Andrew Ballantyne said Perth’s rental vacancy rate was likely to continue decreasing until late 2016 due to cyclical activity.

“Further downsizing in the resource and resource-related sectors contributed to a rise in Perth’s vacancy rate. Sub-lease availability hit 5 percent of total stock in Q3 and is at the highest reading since JLL started to monitor sub-lease in 1990.”

JLL Perth’s managing director John Williams said that according to the company’s forecasts, the vacancy rate is expected to rise even higher, likely to peak at 24 percent in the first half of 2016. […]

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