Strong Employment Growth Continues To Support Office Investments

Creating a good impression is very important for businesses. When customers walk through the business doors, they must be impressed with what they see. Offices must not have cracked walls or architectural issues. The best solution is plasterers in Sydney that can ensure perfection in every project they undertake.

According to a Dexus report, there are no signs of occupier demand waning soon because the strong employment growth and positive business confidence that continues to support office investments. Results released by Australian Real Estate Quarterly Review showed that office investments continue to perform well in Australia’s steadily growing environment.

Peter Studley, Dexus’ general manager said that office vacancy rate in Melbourne Central Business District is 4% which is the lowest in 30 years. In Sydney CBD, the rate is 4.7% which is recorded as the lowest in 18 years. However, there is a lack of large continuous office spaces in Sydney CBD even if office inquiry levels are substantially up from last year.

Sydney has recorded negative net absorption of -12,000 square meters because of the withdrawal of 66 King Street because of refurbishment. Smaller tenants are also leaving the market. Meanwhile, Melbourne has continued with its solid run by recording net absorption of +79,800 square meters. This is their strongest quarter in more than 10 years.

After a subdued 2nd quarter, Brisbane has bounced back to record a net absorption of +15,400 square meters in the 3rd quarter. However, there is a slight reduction in vacancy rate of 13.9%. In Perth, vacancy rates have increased to 22%. It has recorded steady improvement at +17,600 square meters net absorption.

Property giant, Mirvac, has maintained 97.2% occupancy in its office pipeline during the quarter. The company has completed 11,000 square meters of leasing activity. The strong yielding office portfolio is the business’s growth engine over the next stage of the real estate cycle.

The biggest commercial businesses and brand names have worked with plasterers in Sydney that handles all their projects from start to finish with the minimum of fuss but maximum efficiency. Big brands like McDonald’s and Sun corp Group have placed their absolute trust on the plasterers for architectural interior projects.