Commercial property report the first of its kind
The Industrial Vacancy Report from the Property Council of Australia (PCA) was released yesterday, ...
The Industrial Vacancy Report from the Property Council of Australia (PCA) was released yesterday, offering insights into the industrial property sector in south east Queensland for the first time.
Industrial vacancy rates is a sector of commercial property that usually falls by the wayside in terms of research and understanding.
Produced by AEC Group, the report focussed on the market on the Australia Trade Coast, and found the vacancy rate in the area to be 4.9 per cent as of March 2013.
This is higher than the generally accepted rate for a rental property status quo between tenants and owners, which usually sits around the three per cent mark as evidenced by recent rates from the Real Estate Institute of Victoria, which announced yesterday that the rate in Melbourne was sitting steady in trend terms at 2.8 per cent.
"The report was initiated as a pilot study, but we will expand it in future years to include a wider survey of industrial areas in South East Queensland. Lessons learned during this process would enable similar reports to be undertaken across the country," explained the PCA's Kathy Mac Dermott.