Metro Office Rental Vacancies Hit 20 yr Low, Darker Days for Fremantle?

for rent office space

Over the last 2 years we have seen a drop in demand for office rental space across the metro area.

Now the property council is predicting things will continue to worsen this year and next. At July 2014 CBD office vacancies where just over 11%, in January 2015  it’s almost at 15%.

There is now chatter that it will continue to worsen, as it does developers will pull out of projects, even speculation that Collins Elizabeth Quay will start to have non owner occupants slow or halt projects, There is said to  be approx 150,000 sqm of office space to be completed this year or to come into the market further weakening it.  The mining sector has soften, their projects are being completed, or gearing down and no major new ones on the horizon, so what will fill all this available space.

Where is the demand coming from that our council is expecting to fill Fremantle projects that are still nothing more than a paper dream? Late last year they’re still pushing to lock in more mandatory office development with their CBD planning. Is this going to attract developers to Fremantle?

We still have the stalled Kings Sq project, the city waiting for a white knight, his name Sir, Collin and wait they will for their Templar.  Bettys jetty on gear down, a possible state Government funded port authority development, state gov driving departments to regional centres, crap loads of office space currently empty, another 150,000 sqm to come online this year, and what’s our council driving for, you guessed it more office space. Why, who knows? So retail is possibly at it’s all time low, now office rentals is tanking Perth over and Freo council sees fit to lock in more office development with their city planning.

When will the Kings SQ project start, this is what the city promised would revitalized Fremantle and carry us forward to a great new future, or  are they whipping a dead horse?

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2 comments

  1. Greyingnomad says:

    Perhaps those in the decision making positions should take a look at Busselton and Dunsborough. Huge amounts of retail activity there with very few empty shops…..and its dullsville down that way for 90%of the year!!

  2. Jayne says:

    Focussing on building new office and retail space in the centre of Fremantle is outdated thinking and doesn’t take into account the characteristics of the city. Freo cannot compete with Perth city for the corporate dollar, nor can it compete with large suburban shopping centres for retailers. But why would you want to when we have, what I feel, is Australia’s best kept secret. Freo has so many natural assets, boutique shopping, history, cafés… And yet, how much effort is made to let people know about these or to remind them to revisit? When friends visit me and I show them around, every one has said “Now I understand why you live here”. Up till then, they’ve held the image of Freo being grungy, violent, they only know one or two streets and landmarks, or they simply forgot Freo exists – and these are people who might live just 20 minutes away!

    The Council is very pro big festival and huge events as though that’s the answer. But I don’t agree. Too often when people come to Freo for these, they only see the festival venue, overcrowding, parking problems, alcohol – they’re in and out and don’t return to speed time (and money) here.

    So what are we doing to increase tourism, to encourage boutique shoppers, to attract history buffs, to benefit from cruise ships, to make people older than 50 feel welcome, to make it easy and comfortable and safe for people to visit and explore, to attract people with money to live here?

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