Melbourne’s commercial property is coming strong despite a year of experiencing the fear of uncertainty, according to Commercial Real Estate.
Colliers International research said the city has a gross average of 120,000 square metres of new office supply in the past ten years, with Docklands in Victoria having the most additional office supply.
In spite of the high number, these areas are not left empty for the world to see. Actually, Melbourne has the most net absorption compared to other states in the span of three years, based on Knight Frank’s data, which is said to be 309,000 square metres.
Knight Frank also revealed that enquiries for office space, ranging from 100 to 500 square metres, have doubled in 2018 and quadrupled four years ago. The new spaces in Melbourne CBD, compared to other Australian CBDs, have the lowest vacancy rate at 3.2 per cent, which was already at 3.6 per cent and the lowest in the city in ten years.
On the other hand, the latest Office Demand Index of Colliers International revealed the market that involves 1000 to 2999 square metres in Melbourne is also experiencing an increase in enquiries. In relation this, Commercial Real Estate explains that the major contributors to the demand for CBD stock are the small and medium occupiers.
Looking deeper into the picture, Melbourne may display higher prices due to the high demand and low in supply, but can also be good for other cities in the country. Buyers can look for a Commercial Property For Sale in other cities, such as Perth and Brisbane.
If you’re looking for a business or commercial property to start a new business with, National Brokers Network offers a comprehensive listing that offers such properties not only in Melbourne but also in di9fferebnt parts of Australia. The search is easy; all it takes is to visit our search page and start typing your preferred location or contact us through 03 9226 9222 or email@example.com to get in touch with professionals.