Is It Time To Buy Office Space In Brisbane?

Now could be the time for commercial property investors to buy office space in Brisbane.

The latest information from the Property Office of Australia's latest office market report released on August 1 has suggested that there is strong demand for commercial office space.

Queensland executive director of the Property Council of Australia Kathy Mac Dermott said the vacancy rate rose by 1.7 per cent from 6.2 to 7.9 in the six months to last month which can be due to supply additions.

"This healthy on going demand for office space will help to offset the 28,159sqm due to come online at the end of 2012, and the further 21,315sqm expected in 2013," she said.

Vacancies in the central business district have risen despite three consecutive years of demand and the current lift in vacancy rates is primarily down to supply additions, she added.

Meanwhile Property Council chief executive Peter Verwer said: "Australia's multi-speed economy is driving office market fundamentals and shaping business confidence."

Across Australia the vacancy rate is 7.8 per cent, down one per cent since January this year. This is the lowest vacancy rate the country has seen since 2009.

The report predicts there will be a new supply peak in the next six months.