BUCKING THE VACANCY TREND

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Residential vacancy rates can be the envy of office leasing agents.

Nationally, residential vacancies currently stand at 2.2 per cent. By contrast, office vacancy rates across Australia were 9.1 per cent as at July 2018.

When it comes to having a tight residential rental market, Canberra is right up there with one of the lowest vacancy rates in the country at just 0.8 per cent.

While the commercial vacancy rate in the ACT is decreasing, the latest data puts it at 12.5 per cent.

Across the board there is a fairly distinct variance between commercial and residential vacancy rates, but there are pockets of Canberra where commercial is either pretty close behind or leading the way.

One such area is the city’s Parliamentary precinct which takes in Barton, Parkes and Forrest. According to Property Council of Australia research, the A-Grade office vacancy rate in this precinct was just 0.4 per cent as at 1 July 2018.

According to Aaron Bruce, Colliers International Associate Director Office Leasing “The Parliamentary precinct is a distinct employment hub in the ACT, home to many national organisations, large corporates, legal and financial firms and government departments.

“In recent years it has also reinvented itself as a residential and hospitality hotspot.

“The combination means the area is busier and more in demand than ever.”

One of the few office spaces available in this precinct is in the newly refurbished 39 Brisbane Avenue in Barton.

Workspaces of between 200sqm and 1740sqm are available for lease.

With Barton bucking the office vacancy trend, it is unlikely this opportunity will be around for long.

View listing here to enquire