Canberra continues to report double vacancy rates in the last six months with figures slowing slightly to 13.4 percent from 14.1 percent reports the Property Council of Australia’s Office Market Report.

The decrease is due to a combination of demand and stock withdrawals. Only A Grade type offices posted a vacancy decrease over the period. With the exception of B Grade, all grades remain in double-digit territory.

Canberra continues to have the highest office market vacancy rates of any of the capital cities, with Brisbane CBD reporting a vacancy rate of 9.4 percent.

Civic’s vacancy rate decreased from 15.6 percent to 15.5 percent over the period, with net absorption of 4,301 square meters. Supply additions totaled 7,651 square meters and there were 3,902 square meters of withdrawals.

Property Council ACT Executive Director, Catherine Carter, says: “There are still of number of parcels of land in Canberra where no development has taken place, even though the land had been sold some time ago."

“Current vacancy rates indicate that the timing is clearly not right for the ACT Government to proceed with its proposed development of 55,000 square meters of office space for an ACT Government office block"

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