Australia

Over 2,000 rooms were added to the inventory in 2021.

Over 2,000 rooms were added to the inventory in 2021.

This is a 3% increase from the previous year.

Rising transportation costs is one of the key reasons.

This is the fastest increase since 2017. 

Its vacancy rate was at 5.5% in Q1, one of the lowest in the world.

Occupancy was at 37.4% in the same period last year.

But completions will still be below historical levels till 2025.

There was only 15,700sqm worth of retail space completed in Q1.

Plans for seven new projects yielding 89,300sqm have been approved.

The project wins Masterplan Development of the Year - Australia at the Real Estate Asia Awards 2022.

The last time this happened was in 2005-2007.

Headline vacancy dropped to 14.6% in Q1.

Demand was muted with just 11,400sqm of gross take-up during the quarter.

Occupier activity totalled 230,800sqm in Q1.

Net absorption reached a total of 12,600sqm during the quarter.