Australia

Australia currently has 1,145MW operational, 265MW under construction and 1443MW planned data centres.

Strong regional population growth is expected to drive demand.

The rental rebound in the city has gained momentum.

There are five new hotels currently under construction in the CBD.

Over 60% of the stock will be neighbourhood centres.

Over 20,000sqm of projects are expected to be completed by mid-2023.

The projects will add over 80,400sqm to the city’s stock.

It was a shopping centre spanning 4,400sqm.

Gross takeup was at 211,300sqm in Q1.

This figure is 67% above the 10-year quarterly average.

Over 80% of these completions were pre-committed.

The city’s absorption hit 27,200sqm in Q1 2023.

The largest project spanning 69,000sqm began construction in Q1.

It was a project spanning nearly 22,000sqm.

Only 19,791sqm of new office stock is expected to be completed in the CBD this year.

Rents in fringe areas fell a further 1.1% in the same period.