Office values plunge 20pc in Aus

Office vacancies

We've been thinking about buying a small office space in Brisbane, with valuations having come off. 

The latest figures from the Property Council showed that office vacancy rates continued to climb in early 2024. 

Overall office vacancy rates are now sitting at 14.5 per cent.

Source: Property Council of Australia

Office vacancy rates are thus at their highest level in nearly 30 years, since the fallout from early 1990s recession. 

As such office rents are likely to decline further, and asset resale values will be further impacted. 

High-grade office space if faring relatively better, with business taking the opportunity to move into better premises at discounted rates. 

It's difficult to know at this stage whether there will be a bigger fallout in terms of loans going bad, but these figures point to further declines in office rents and valuations in 2024.

With interest rates at today's levels and business struggling to get staff to attend the office, this has some potential to get messy.

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