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Despite Brisbane’s CBD office vacancy being similar levels to the early-1990s, Jones Lang LaSalle’s analysis leads us to conclude that current market conditions are not as bad as they were then. In the 1990s, occupiers carried significant ‘hidden vacancy’ due to relatively low rents and little prospect of leasing surplus space. Economic conditions, and hence underlying tenant demand, were also weaker in the 1990s than currently. Consequently, while the market is experiencing challenging conditions, vacancy and leasing incentives are nearing a peak and we expect stronger demand conditions to steadily re-emerge over the next year as the domestic economy gains momentum.
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19 September 2013