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Occupancy costs surge in Adelaide

Occupancy costs surge in Adelaide

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Adelaide has one of the fastest growing occupancy costs in the world, according to a new report from CB Richard Ellis (CBRE).

Adelaide ranked eighth out of 179 markets worldwide, with occupancy costs having risen by 4.8 per cent since September last year.

The city was among only 41 markets in the world to witness positive rental growth.

The rest of Australia did not perform as well in the last half of the year, with office rents falling by an average by 5.9 per cent.

In the year to September, the biggest falls in occupancy costs in the Pacific Region were in Brisbane and Perth, where rents fell about the same amount in each market; 20.9 per cent and 20.5 per cent respectively.

CBRE executive director, global research and consulting, Kevin Stanley said the falls had been driven by the simultaneous forces of tenant contraction and new office space entering the markets.

Mr Stanley said it was important to note that rents in each of these markets had grown by over 100 per cent in the recent boom years and much of these gains were expected to be preserved and carried over into the next cycle.

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Occupancy costs surge in Adelaide
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