Broadbeach office space tightens up
BROADBEACH – the smallest office precinct on the Gold Coast – has become the second Gold Coast commercial centre to see its vacancy rate drop below 10 per cent.
The Property Council’s latest office market report for the six months to July shows the rate falling from 10.8 per cent to 8.7 per cent, joining Robina/ Varsity Lakes, where the vacancy rate is 6.8 per cent, in the sub-10 per cent club.
The rate fell thanks to 627sq m of net absorption of office space during the first half of the year.
Leases included Kollosche Prestige Agents taking over 410sq m at 12-14 Albert Ave, formerly occupied by McGrath Estate Agents, and Cordner Advisory expanding into 540sq m at the Oracle.
Gross rents in Broadbeach were between the high $400sq m range up to $605sq m.
Cushman & Wakefield associate director Ed Howard, who is marketing 900sq m of new space at the Oasis Shopping Centre, said the rate would continue to tighten due the popularity of the area and a lack of product coming to the market.
Broadbeach has just 29,941sq m of office space in total compared to 147,988sq m at Southport and 135,572sq m at Robina/Varsity Lakes.
Mr Howard said there is significant interest in the Oasis space coming from large corporate groups. It was created after the monorail was removed.