Norwest office vacancy rates fall again

Available office space within Norwest Business Park has been dwindling as SME's continue to move into the aea. The pendulm has been swinging towards more power to owners and away from lessees as available options dry up.

Fitted out office space in particular has declined with ready made solutions for lessees in shorter supply.

Some highlights for the quarter:

Lexington Corporate has a vacancy rate of under 5% for the first time

Qcentral in the final stages of selldown with only 5 suites still available

Amway moved into the Vantage building taking approximately 1,800m2 of space

The last of a block of mortgagee sales in the Zhen building was completed.

8 Century Cct (part of Norwest Central) with zero vacancy.

Elevation (6 Meridian Pl) with zero vacancy.

There is strong market evidence that lessees are having fewer choices and owners are holding firmer on their asking prices. In an era of change, it is important to have the best possible market intelligence at hand. As the leading agents in Norwest Business Park, Norwest Commercial Industrial are well placed to give honest and accurate advice.