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  • Strong demand drives rental growth in the south-east

Strong demand drives rental growth in the south-east

17 May 2016
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​Sydney, 17 May 2016- The south-east has seen a strong start to the year with face rental growths in the office market, according to the latest CBRE research.

The Q1 2016 Office MarketView report states that both Sydney and Melbourne recorded a healthy growth. Sydney’s prime rents grew by 3.5% quarter-on-quarter, whilst Melbourne prime rents grew by 2% over the same period.

In contrast, net face rents remained static in Brisbane, Adelaide and Canberra in the first quarter, whilst Perth recorded a further decline with prime rents falling by 3.8%.

National prime net face rental growth (%p.a.)

National CBD net absorption rebounded in 2015 to 265,751sqm after a flat 2014, largely driven by significant annual absorption levels in Sydney CBD (157,150sqm) and Melbourne CBD (116,763sqm).

The national CBD vacancy rate increased to 10.9% at the end of 2015 and is forecast to increase to 11.6% by the end of 2016 following another year of high net supply additions for Australia’s CBD markets. A further 380,000sqm of net supply additions to the national market will see a rise in vacancy rates in the majority of capital markets. In contrast, a number of suburban office markets are expected to see tightening vacancy rates by the end of the year due to limited supply including Parramatta, Chatswood and Brisbane Near City and Southbank.

National office sales for Q116 totalled $2.11 billion. This is softer in comparison to the $6 billion seen in the last quarter of 2015 but on par with first quarter results from 2015 of $2.44 billion.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than  400 offices (excluding affiliates) worldwide.  CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com.

 

 

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