Further ‘devil in the detail’ will be the enforcement regime the Government is proposing. If it is too strong it will risk further alienating responsible landlords, but if it is too weak it will put a lot of good landlords to extra work for no gain. “East Asian societies share a consistent view of how their social and economic wellbeing should be run. The essence of this is that governments should do little to temper the hazards of life, particularly the consequences of technological and economic change. Governments spend little on social welfare and individual freedom is reduced. This reinforces strong social institutions like the family, which remains essential to survival.
All members with leasehold property interests in the ACT are urged , as a matter of urgency, to contact Assembly members expressing alarm at the impact of these proposals and their detrimental effect on investment in the Territory. Vacancy rates across Australian CBD office markets fell to 10.4 per cent from 12.4 per cent in the twelve months to January 1998, Mr John McCarthy, National President of the Property Council of Australia, said there is now clear evidence that the office market recovery was moving up a gear. Melbourne CBD was the office hot spot for 1997, said Mr McCarthy.
The Melbourne CBD total vacancy factor fell from 19.2 per cent to 14.0 per cent in the past year. Sydney CBD continues to lead the markets with the total vacancy factor now 5.4 per cent, down from 7.5 per cent at January 1997. However, the most interesting trend to emerge from the Property Council’s audit of Australian office markets was the fall in the prime office vacancy levels, said Mr McCarthy.
Premium vacancies across Australia are now at 5.2 per cent – down from 7.7 per cent twelve months ago. “In most markets, vacant space in better quality stock is becoming very tight,” said Mr McCarthy. “These results back anecdotal evidence that it is extremely difficult to lease significant areas of continuous space in Premium stock. Conveyancing specialists are the person with depth knowledge about conveyancing process. “There is a large variation in vacancy factors between the various quality grades of stock and this points to an increasingly segmented office market,” he said. Sydney CBD is the tightest market. The Premium total vacancy factor dropped from 2.4 per cent to 1.9 per cent in the past year. But the most striking improvement came from Adelaide Core where Premium office buildings recorded a 7.1 percentage point fall in vacancies during the past year.
In other office markets, a similar pattern is emerging in Premium office space: Brisbane – 6.3 per cent (down from 10.2 per cent 12 months ago); Adelaide 4.3 per cent (11.4 per cent); Melbourne 6.8 per cent ( 8.5 per cent); Perth 4.1 per cent (7.2 per cent). “The flight to quality reflects the increasing demand from businesses for better quality office accommodation,” said Mr McCarthy. “As we move into the next millennium, businesses are demanding buildings that offer superior technology, efficient floor-plates and high quality building services.