Residential appeal of Canberra extends to commercial market

The demand on Canberra’s office stocks continues to rise as the city’s attractions entice people and businesses to locate in the national capital.

“Over the past few years, Canberra has topped a number of liveable city polls, including being named
the best place in the world to live by the Organisation for Economic Co-operation and Development in
2014,” Colliers International Director Office Leasing Michael Ceacis said.

Last month, a survey by crowned the ACT the country’s most liveable jurisdiction for
the third year in a row.

“This survey looked at attributes such as safety, access to high-quality health care, job prospects and
green space,” Mr Ceacis explained. “Canberra excels in many of these areas.”

Over seventy per cent of the ACT is open space; it has the lowest unemployment rate in the country
and the highest median income.

“Our population is growing by about 1.9 per cent per annum, second only to Victoria,” Mr Ceacis said.

“Directly linked to Canberra’s strong appeal is its low residential and commercial vacancy rates. We
currently have the lowest CBD A-Grade office vacancy rates in the nation.

“The vacancy rate in the city centre stands at just 1.7 per cent, according to Colliers International research, and we predict it will fall even further by the end of the year.”

One of the largest employers in the ACT is the Australian Public Service (APS).

Government demand for office space is ongoing, according to Colliers International.

Nearly 40 per cent of the APS is located in Canberra, with a key Commonwealth objective being to modernise public sector workplaces so they can adapt quickly to changing operational needs.

“This was highlighted recently when the Department of Health extended its current tenancy in the Mirvac-owned Sirius office building in Woden until 2035. The building will be renovated over time to include more flexible workspaces.

“Canberra’s popularity does not look like waning any time soon,” Mr Ceacis concluded.

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