Growthpoint Properties Australia, which manages a $1.8 billion office and industrial portfolio, has forecast 2014 to be a better year for office leasing. This comes on the back of Growthpoint announcing a string of new leasing deals in the tough Brisbane market. It’s bullish outlook comes a day after the CBD office vacancy rate rose to 12 per cent in the final three months of 2013, its highest level since 1997.
Growthpoint managing director, Timothy Collyer said its weighted average lease expiry as of December 31 was 6.5 years with an occupancy rate of 98 per cent. “We are pleased with recent office leasing transactions and anticipate, subject to current conditions remaining, that 2014 will be a better year for office market leasing activity than 2013.” Mr Collyer said.
Source: Australian Financial Review