The commercial property market is showing some signs of improvement, with vacancy rates tightening in Melbourne, Perth and Brisbane, according to Raine & Horne Commercial.
The real estate group said that while vacancy rates are some way from pre-GFC levels, figures released by the Property Council of Australia show commercial vacancies fell in Melbourne to 5.8 per cent in the six months to July 2011, while Perth (7.8 per cent) and Brisbane CBD (7.4 per cent) were also lower.
“At this stage, the picture is not as rosy in Sydney, with vacancies up from 8.3 per cent to 9.3 per cent, although across the harbour, vacancies fell to 9.2 per cent in North Sydney,” the company said.
“Canberra remains in double-digit territory, with vacancy sitting at 13.3 per cent down from 14.1 per cent.”
Raine and Horne Commercial added that, a report from financial research and ratings company CANSTAR CANNEX indicated that business lenders were also starting to loosen their grip.
“With vacancy rates starting to fall and a more relaxed business lending environment, it appears the worm is turning for some commercial property markets around Australia,” said Angus Raine, CEO, Raine & Horne Commercial.
“It’s been a tough few years for the commercial property markets, but despite this we have continued to grow our commercial network with new offices added in Homebush [Sydney] as well as a specialist business recovery and insolvency office.
“We are also about to open a new commercial office on the NSW Central Coast.”