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Australia’s commercial office space is performing significantly well compared to most other international markets according to Colliers International’s Global Office Real Estate Review.
Released yesterday, the report confirmed activity in the commercial space dwindled to less than half of 2007 levels in 2008 in most regions across the globe as a result of the global economic downturn.
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Australia however was a “standout” region with vacancy levels far lower than the US and Asia Pacific. Australia’s office vacancy rate now stands at 5 per cent, compared to 8.9 per cent in the Asia Pacific and 14.2 per cent in the United States.
Colliers also expects activity to increase in Australia’s office markets this year, with enquiries from private investors, foreign buyers and syndicators already picking up.
“Australia is better value for money than most other global cities with a lowered currency and higher yields than European and US cities, which represents an advantageous opportunity for investment in Australia,” Colliers managing director of investment sales John Marasco said.
