MCU14/0106 Appendix K - Commercial Needs Assessment

Sunshine Coast Commercial Supply
SUPPLY BY OFFICE SPACE GRADE, JULY 2014                                                                                              CHART 4.2
                       160,000                                                                                       1,500          1,500
                                         D Grade      C Grade                                        1,500
                                         B Grade      A Grade
                       140,000                                      2,350               2,350                       26,343         25,643
                                                                                                     26,343
                                                         2,350
                       120,000                                     26,343               26,343
                                          2,350
  Total Stock (Sq.m)




                                                         25,429
                       100,000                                                                                      55,295         55,295
                                         25,429                                                      50,126

                            80,000                                 50,846               50,846
                                                         48,323
                            60,000       34,245


                            40,000
                                                                                                     68,326         70,731         70,731
                                                                   53,790               53,790
                            20,000       44,502          44,318


                                  0
                                          2008           2009       2010                2011         2012            2013           2014

So urce: P ro perty Co uncil o f A ustralia Office M arket Repo rt July 2014 ; Urbis


SUNSHINE COAST COMMERCIAL OFFICE SPACE – NET ABSORPTION
A characteristic of the major office markets on the Sunshine Coast over the past 6 years has been a
significant fluctuation in the net absorption of office space and the office market vacancy rate. On average
the major Sunshine Coast office markets have absorbed around 5,900 sq.m per annum over the past six
years. This has varied from a low of 2,185 sq.m over the last 12 months to a high of 12,257 sq.m in 2012.

Vacancy rates remain high in the major Sunshine Coast office markets currently sitting at around 12.3%,
equivalent to 18,812 sq.m of office floor space. This has fluctuated over the past six years from a low of
7,364 sq.m in 2008 to a high of 21,868 sq.m in 2010 (refer Chart 4.3)


Sunshine Coast Commercial Supply
NET ABSORBTION AND VACANCY RATES JULY 2014                                                                                           CHART 4.3

                            25,000
                                           Net Absorption (sq.m)   21,868                                         21,697
                                           Total Vacancy (sq.m)                                    19,836
                                                                                       19,127                                    18,812
                            20,000
       Total Stock (Sq.m)




                            15,000                      13,231
                                                                                                   12,257


                            10,000
                                          7,364          8,027

                                                                                                                  5,713
                             5,000                                 4,272
                                                                                       2,741
                                                                                                                                 2,185
                                            0
                                  0
                                          2008           2009      2010                2011        2012           2013           2014
So urce: P ro perty Co uncil o f A ustralia Office M arket Repo rt July 2014 ; Urbis




18                          COMMERCIAL OFFICE SUPPLY ANALYSIS
                                                                                                                                                   URBIS
                                                                                                 REP_251114_NOOSA CIVIC COMMERCIAL NEEDS ASSESSMENT FINAL