Commercial Property Set to Improve

Commercial property vacancies are falling, pointing to an improving market.

The latest report by the Property Council of Australia found that in the six months to July 2011, vacancies for commercial property in Melbourne decreased to 5.8%. The commercial market also improved in Brisbane with vacancies falling to 7.4% and in Perth where vacancies fell to 7.8%. In Sydney, the picture was mixed, with CBD vacancies rising to 9.3% but vacancies falling in North Sydney.