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Tuesday July May 17, 2012
Austerity before recovery: But beware of the toe-cutters – it’s the 500 pound gorilla in the room
The Canberra office market started this decade oversupplied as a result of the late 2000s construction boom. After a strong initial recovery, demand has slowed to a trickle due to the current government’s austerity measures. With another round of completions due over the coming two years, vacancies will remain elevated and delay the recovery in the leasing market.
But it could get worse: an incoming Coalition government next year could embark on a purge of the Canberra public service, pushing the recovery out even further.
Contact: Christian Schilling