NORWEST OFFICE VACANCY REPORT - DECEMBER 2023

The current overall vacancy rate for office space in Norwest Business Park is 11.79% this represents a reduction from 12.20% at the start of the year. The Norwest office market is predominantly strata titled offices which are typically less than 200 square metres in size. Strata offices make up about 67% of the total office space in Norwest. The remaining space is in freehold buildings and is made up of larger floor plates.

Vacancy in freehold buildings has reduced to 17.69% from 19.38%. This reduction is a result of the successful leasing of 3,120 square metres at 2 Solent Circuit and 1,860 square metres at 2 Burbank Place.

Strata vacancy is currently 7.94% which is an increase from 6.80% earlier this year. Most of this increase can be attributed to the completion of The Bond building which added some 10,000sqm of stock to the market. Of this, 5,000 square metres has been successfully leased.