Despite reports suggesting market conditions are subdued, Colliers International has seen a considerable amount of activity in the first half of the year.
Michael Ceacis, Director of Government Services, Office Leasing at Colliers International said that whilst the Canberra market appears focused on attracting large tenants, who are largely the Commonwealth, he is witnessing significant activity in the sub 1,000sq m leasing market.
Colliers International found that tenant representatives remained the main source of leasing enquiry for the last 12 months accounting for 29 per cent, followed closely by digital media and canvass calls. Colliers International uncovered more than 9,000sq m of lease requirements through canvass calls and foresee this leading to a strong second half of the year.
Michael Ceacis brokered 16 leasing deals in the first half of 2015, ranging from a 50sq m retail shop in the City to a 2,000sq m office at the Airport.
Demand for space in Canberra is not limited to only one segment or category.
“We have seen a variety of industry types, each with varying property requirements, coming to the market. These sectors all seem to have exposure to the inevitable growth in the Commonwealth Government,” said Michael.
“One commonality between the deals brokered were the Landlord’s ability to respond quickly to tenants’ requests and offer flexibility in accommodation options which helped meet the tenant’s business needs.”
Colliers International does not foresee the current hive of activity to dissipate, with all indications suggesting the second half of 2015 is likely to see continued improvement.