Vacancy rates to peak around 16% next year but level of oversupply remains limited, says BNP Paribas Real Estate
"The construction pipeline has never gotten too far ahead of demand," said John McCartney, director of research at BNP Paribas Real Estate,"so peak vacancy is likely to be quite manageable by historical standards."
Occupiers took less than 29,000 sq m of space in the third quarter of the year, according to the commercial property agent’s latest quarterly market report, with the average deal size “plunging” from 1,510 to 655 sq m. The other factor driving the decline in office take-up he said is occupiers “taking advantage of remote working to reduce their office space”.Falling outside rules on rent-a-room scheme can prove costly
But while there is clearly an oversupply of offices relative to demand, shifting market dynamics over the next year or so are likely to lead to a relatively “shallow downswing”, Mr McCartney said.
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