Office

Office vacancy is at its lowest level since the global financial crisis in Australia’s gateway market of Sydney but the city and its southern rival Melbourne are experiencing weak demand for space ahead of the great influx of new skyscrapers in coming years.

Abacus could emerge with a slice of one of Sydney’s premier office buildings as it has gone into due diligence on an interest in a tower being sold by Dexus and the private Perron Group for about $650 million.

The listed Mirvac and Singaporean co-owner Suntec REIT have flagged their belief in the strength of the top end of Melbourne’s office market as they topped out the main structural works at Olderfleet, their premium building in Collins St.

Co-working giant WeWork is in the midst of striking its largest leasing deal in Australia, lining up a whole building to occupy in the heart of Sydney’s central business district on the corner of Market and Pitt streets.

Improving office leasing markets in the nation’s resources capitals and the rise of co-working tenants in eastern seaboard central business districts are driving expectations that markets will favour landlords.

Melbourne’s $1 billion Essendon Fields mixed property project is poised to begin construction on 18,000sq m of A-grade office space to meet surging demand for cheaper but high-quality facilities.

Followers of fashion might be interested to learn that Colettes Accessories, the international handbag and accessory business, is in need of a new landlord.

Inner-Melbourne development hotspot Abbotsford looks set for more significant construction, with two sites on either side of Johnston St launched onto the market simultaneously. The more prominent of the sites at the corner of Johnston …

This week in what you need to know in property, realestate.com.au chief economist Nerida Conisbee looks at how China’s GDP woes affect Australia, office vacancy rates and much more.