Recent results from the Property Council of Australia ’ s Office Market Report , shows that Australian office vacancies have increased from 8.4 per cent 18 months ago to 11.9 per cent in July 2021 . Despite this total increase , there are some markets faring better than others , such as Perth which has seen a positive take up of 19,697sqm and Gold Coast which has had the greatest level of demand since 2006 . The improvements in these locations hinged on robust border controls , keeping lockdowns minimal and interstate migration notably from the lockdown states of Victoria and New South Wales .
For the industrial market , strong demand has kept occupancy high across most markets , particularly those within close proximity to road / rail nodes , while the retail market has seen some difficulties . Again , this can vary by locations impacted by lockdowns or changing regulations regarding operations , however convenience-based food retailing remains the greatest growth sector for retailers .
With these ongoing changes to lockdowns and health orders , it may be a difficult time to keep your commercial assets fully occupied particularly in some parts of the country . However , there are a number of steps a landlord can take to help keep your property occupied or attract a new tenant .
• Agent selection – be confident that the agent you have appointed is knowledgeable on the asset and location of your property . Don ’ t be fooled by promises of high rents or quick results , look towards an agent who can provide evidence of recent transactions , track records and those who understand current legislation .
• Advertising – with the on-again , off-again restrictions changing the ability for prospective tenants to inspect your property , it ’ s important that your property is visible and shown in its best light . Quality photography , floor plans and video walkthroughs are useful tools when marketing your property at times when inspections are not possible , while advertising on major portals often ensures your property is seen by the widest range of prospective tenants .
• Capital expenditure – if your property has become vacant , perhaps now is the time to invest in upgrades to your property . This could be as little as a coat of paint , upgrade to bathroom facilities / entry foyer , landscaping or a total refurbishment . This will make your asset stand out from the rest ; particularly during the pandemic , many tenants are likely to be attracted to a clean , fresh asset with high standards of hygiene .
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