Jones Lang LaSalle (JLL) have release the July edition of their Tennant Trends report.
The report states that at 5.4%, Melbourne has the tightest vacancy rate in Australia. As at the end of March 2018, growth in prime net effective rents was 15.2% with space on average now costing AUD $368 per sqm per annum. Average rental growth is expected to stay strong throughout the remainder of the year, making Melbourne Australia’s top performing CBD market.
Melbourne’s current supply gridlock is expected to continue in the short term, in particular with good quality contiguous options in the east end of the CBD. Clients should start looking for new accommodation at least three years ahead of moving.
For more insights on the state of the market, access the full report below:
Updated