Office vacancy rates in Melbourne’s central business district are the lowest of all city centers in the country with only 6.3 percent of total office space available for rent.

Property Council of Australia reports that the vacancy rate actually dropped to 6.3 percent from 6.5 percent in the six months to January despite projects that added 47,605 square meters of space to the market.

http://au.ibtimes.com/articles/108265/20110203/melbourne-office-vacancy-rates-are-the-lowest-in-australia.htmAn estimated 40,169 square meters of new stock is slated to enter the market for 2010 with another 100,375 square meters set for 2011. Across the country, office vacancy rate declined to 9.5 percent in January from 10 percent. Specifically, vacancy rates in central business district markets dropped by 8.6 percent from 8.9 percent while non-CBD markets slowed to 11.3 percent from 12.2 percent.

Adelaide was the only one of six main central business district areas that reported a rise of 0.3 percentage points to 7.3 percent in the vacancy rate.

The biggest drop was found in Brisbane's CBD, declining to 9.4 percent from 10.9 percent. "What is astounding about Melbourne's peak, which occurred at the start of last year, is that at just 6.6 percent it was at a level at which we typically see Melbourne vacancy rates trough," said Colliers International's national director of research, Nerida Conisbee.

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