A U S T R A L I A C O V E R E D
6018B5FL6 6018B5FL6
AUSTRALIAN CAPITAL TERRITORY Canberra is a unique leasing market which is heavily driven by the Australian Government. The last 36 months have been a time of uncertainty and instability caused by Federal Government restucture, however the Machinery of Government (MOG) changes and ‘Project Tetris’ initiatives has meant that the leasing market has remained active. The drop in total vacancy throughout 2015 (now down to 14.1%) was predominately driven by the Federal Government taking on existing subleases and outsourcing direct vacancies in both the Barton and Civic precincts. The leasing recovery gathered momentum in 2015, with annual net absorption (positive 18,000 sqm) trending well above year‐end forecasts. This activity, in tandem with the positive impact of ‘Project Tetris’, will see the positive momentum from 2015 continue into 2016. 30 31
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AUSTRALIAN<br />
CAPITAL TERRITORY<br />
Canberra is a unique leasing market which is<br />
heavily driven by the Australian Government.<br />
The last 36 months have been a time of uncertainty and instability caused by<br />
Federal Government restucture, however the Machinery of Government (MOG)<br />
changes and ‘Project Tetris’ initiatives has meant that the leasing market has<br />
remained active.<br />
The drop in total vacancy throughout 2015 (now down to 14.1%) was predominately<br />
driven by the Federal Government taking on existing subleases and outsourcing<br />
direct vacancies in both the Barton and Civic precincts.<br />
The leasing recovery gathered momentum in 2015, with annual net absorption<br />
(positive 18,000 sqm) trending well above year‐end forecasts. This activity,<br />
in tandem with the positive impact of ‘Project Tetris’, will see the positive<br />
momentum from 2015 continue into 2016.<br />
30 31
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