Gold Coast office market at 10-year high point with low vacancy rate

THE Gold Coast office leasing market is the best it has been for close to a decade.

According the Cushman & Wakefield office leasing specialist Ed Howard, the city’s overall vacancy of 11.3 per cent marked its lowest supply point for almost 10 years.

“No new substantial office buildings are currently being constructed, which can only result in a further reduction of vacancy causing upward pressure on rental rates and demand,” Mr Howard said.

“There are, however, several pending developments from Oxenford to Robina that can accommodate up to 10,000sq m once pre-committed and there is a strengthening market for strata-titled purchasing opportunities.”

The strata-titled vacancy of 2.5 per cent was equal to about 12,000 sq m vacancy in the city.