Darwin has highest CBD office vacancy in Australia, new figures show

DARWIN has the highest CBD office vacancy rates in the country for the third year in a row

Darwin city’s vacancy levels sit at an overall average of 21.6 per cent.

DARWIN has the highest CBD office vacancy rates in the country for the third year in a row.

Figures released by the Property Council of Australia show the Darwin vacancy rate had an overall average of 21.6 per cent.

A breakdown of office space by grade showed C and B Grade accommodation had 50 per cent and 30 per cent vacancies respectively. The best graded office space in Darwin had a 14 per cent vacancy rate which is on par with the total average of other capital cities, except Perth which is just under 20 per cent.

The Property Council’s NT executive director Ruth Palmer said the CBD was in need of additional employment and economic activity.

“While the aggregate vacancy rate for all grades has dropped by 0.9 per cent, it remains at record levels,” she said.

“A jobs and population plan must be activated this year and we need to see more long-term projects that will bolster the economy.

“We can’t just talk about it anymore.

“We need action.”

The figures come just a day after the owners of Attitude For Men Darryl Thomas and Darlene Chin said landlords had to “put their money where their money is” and start redeveloping tired buildings. The couple redeveloped their building on Knuckey St into a two-storey premium retail space.

“Fixing the CBD is everyone’s responsibility, but the people who ‘own’ the CBD can’t cry poor about their empty eyesore properties, and point the finger at Government – they should be taking the lead and putting their money where their money is,” they wrote.

Property Council NT president Adrian Handford said there had been investment in older properties.

“While we acknowledge that there are old and tired buildings in our CBD, we know many of our members are actively pursuing opportunities to redevelop or renovate their premises to suit end-users’ specific requirements and others who have reduced rents to retain their existing tenants,” he said.