Toowong Strata Vacancy Declines
A second successive year of sub four per cent strata office vacancy in Toowong has been one of the highlights in Brisbane’s fringe strata office and retail market, according to Ray White Commercial.
Vanessa Rader, Head of Research for Ray White Commercial, said the strata office and retail vacancy rate for Toowong in 2015 was at 3.83 per cent while capital values in Toowong have increased 13.5 per cent over the last five years.
“The Toowong market has witnessed the greatest decline in occupied stock since July 2012, recorded at minus 2,889 sqm,” Ms Rader said in the Between the Lines Milton & Toowong Strata Market report March 2016.
Ms Rader said neighbouring Milton recorded a reduction in strata office and retail vacancy from 12.4 per cent to 9.67 per cent.
“The sales volume for Milton strata office and retail for 2015 has more than doubled the 2014 result at $12.17 million,” she said.
Ms Rader said Spring Hill had also been one of the better Brisbane fringe performers, reducing its vacancy position to 13 per cent from a peak of 20.7 per cent in January, 2014.
“Spring Hill showed a healthy take up of 3,041 sqm during the second half of 2015,” she said.