Software giant Oracle and online employment classified website Seek are taking advantage of competitive office rents by taking up new space at Melbourne's St Kilda Road boulevard.
Oracle, which currently occupies two office buildings on
Sources said Oracle has agreed to a 6,000 sqm lease and agreed to pay $240 per sqm.
Meanwhile, Seek which is currently at
Seek has agreed to lease approximately 3,500 sqm of space vacated by Stockland, which has moved
According to the Property Council of Australia, the vacancy rate at St Kilda is currently at 8.6% – the highest of all
Total vacancy for St Kilda Rd decreased by 1.8% to 8.6% over the six months to July 2007 with all grades of space posting vacancy decreases, the most significant being Grade A from 13.6% to 9.5% and Grade D from 6.6% to 1.5%.
With no supply over the period, this vacancy decrease was due to withdrawals of 3,203 sqm and strong net absorption of 11,038 sqm.
Australian Property Journal
