From Fairfax:
ACORPP director Justin Boelen said there was some 155,860 square metres of office space under construction and scheduled for completion in 2015. Some of that would be leased, but there would be a surplus of 110,000 square metres.
“We estimate that it would take some 9000 plus city workers to absorb the additional space, on top of 20,000 needed to fill existing empty space,” he said.
Mr Boelen said Perth’s commercial vacancy rate has reached a five year high of 16.6 percent – almost three times higher than the Sydney CBD’s vacancy rate of 6.3 per cent.
…Mr Boelen said that the vacancy rate wouldn’t be coming down anytime soon and would likely soar past 20 per cent before the end of 2015 and continue to increase through 2016.
Just as well the state’s credit rating is so strong.
