Investors breathe sigh of relief as CBD office markets stabilise

Statistics released by

Jones Lang LaSalle Research show that commercial office market conditions stabilised in Q3-2013, with CBD office markets recording the first quarter of positive net absorption since the final quarter of 2012.

Despite the national CBD office market vacancy rate increasing to 11.3% - the highest level since 1999 - Jones Lang LaSalle recorded positive net absorption of 12,500 sqm across CBD office markets over the quarter.

Jones Lang LaSalle’s Head of Office Leasing, Australia & NSW, Tim O’Connor said, "Business confidence has rebounded post the Federal Election. Stronger business confidence has stymied the rise in sub-lease availability."
Australia's capital cities recorded the following net absorption levels:

• Canberra +30,400 sqm
• Melbourne +23,300 sqm
• Sydney +0 sqm
• Perth (24,500 sqm)
• Brisbane (12,800 sqm)
• Adelaide (-3,400 sqm)