The six months to January 2017 has been a favourable period for the Gold Coast office market, resulting in positive take up of space of 10,088sqm and a compressing total vacancy to 12.2%. This is the lowest rate recorded for the total Gold Coast market since July 2008.
Robina/Varsity Lakes continues to offer the least available stock with vacancy recorded at 6.9% or represent just 9,458sqm. Bundall, Surfers Paradise and Southport all continue their downward momentum, Bundall now 14.1%, boasting 2,370sqm of take up in the last year; white Surfers Paradise has shown outstanding improvement in the last two years reducing vacancies from 29.9% (July 2015) to just 18.4%. Southport is now seeing stock absorption, resulting in occupancy improvement, vacancy of 13.2% also the best result since July 2008.
While Broadbeach has increased vacancies from 3.7% to 10.8% over a 12 month period, this volatility is due to the small size of this precinct with the total stock level of less than 30,000sqm.