Attached is our update on the office market following the recent release of the PCA figures for July 2012.
The Adelaide office market is in a holding pattern, with low levels of tenant demand going forward, and little change in vacancy rates, despite considerable turnover in tenant space in the past year. The current State economy mirrors this, with businesses deferring any expansion plans, while waiting out decision on the Olympic Dam project by BHP. Because the prospects for Olympic Dam are uncertain, Adelaide businesses appear to be deferring any expansion plans or moves in office space, until the situation is clearer, which is likely to be around year end.
Read more 164 SA Office Market August 2012