Prime office market see lower vacancy rates in Q2 2024
Vacancy tightened to 2.3%.
Core CBD Premium and Grade A offices recorded lower vacancy rates in Q2 2024, Colliers reported.
In Q2, vacancy tightened to 2.3%, down from 2.6% in Q1 2024.
The decline in vacancy is likely to increase demand for core CBD Premium and Grade A offices, which reported a net absorption of 41k sq ft, a reversal from the -0.3k sq ft in Q1.
Meanwhile, Colliers also reported that the market will see an additional 1.26 million sq ft of prime office space in the next quarter,