Melbourne industrial available space increased by 62,715m² or 6.2% over the three months to April 2016. Total vacancy now measures 1,074,788m2 across 94 buildings, the highest level since the series began in 2009. Current levels of available space across Melbourne now sits 62% above its long term average.
The rise in vacancy has been underpinned by an increase in prime grade backfill options within existing stock. Prime vacancy across Melbourne totalled 553,016m2 as at April 2016, up 16% from 476,965m2 in January 2016. Prime vacant stock is now at a historical high for the series. In contrast, vacant secondary stock levels declined for a second consecutive quarter. Secondary vacancy fell by 2.5% to 521,772m2.
Source : Knight Frank