Australia’s office property market rebounds

Demand for Australia’s office market has rebounded from the global financial crisis, but a sustained recovery is contingent on greater confidence about economic growth fundamentals, according to a new report.

Total market vacancy declined to 9.5% over the half year to January 2011, with demand strongest in CBD markets, the Property Council’s latest Office Market Report shows. Net absorption, the best indicator of demand for office space, was 302,673sqm over six months to January 2011.

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