For the eighth quarter in a row, the vacancy rate for offices has seen a rise and now stands at 10.4 per cent.
It’s not a simple case of fewer businesses requiring space; more one of optimistic development running ahead of business’ economy of space.
While developers have been busy building new units, this has often been utilised by companies moving from older property and newer developments offer better use of space, allowing more people to fit into smaller units.
The new report from the CBRE has positive indicators though. The rise in the vacancy rate has slowed; better than it has been in around two years; and with job creation predictions higher, businesses should be requiring more space.
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