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REIQ Journal : July 2008
2 Industry News Vacancy rate pressure to ease in the Brisbane CBD Knowledge is power: Memberlink has evolved Following months of research and development, the all-new REIQ Memberlink website is now live at www.memberlink.com.au The site is available exclusively to staff at REIQ accredited agencies and individual members and is an essential resource for today’s real estate industry professional. Memberlink ensures you have the information and tools to keep you at the top of your profession with regular updates including the latest industry news, legislative updates, practice advice, and professional development resources. Key features of the new website include: Legislation changes impacting your area of practice; Access to an REIQ agency practice advisor in your region; Latest industry research to help you understand the state of the market; Upcoming training courses and professional development programs to give you a competitive edge; Details of industry networking and information events; Online job advertisements; Access to previous issues of the REIQ Journal and Memberlink emails; and A wide range of exclusive member benefits to help you increase your effectiveness and improve profitability. Access to the REIQ Memberlink website is free using your dedicated access code and password. Email membership@reiq. com.au if you are unsure of your login details. Your chance to win! To celebrate the launch of the all-new Memberlink website, the REIQ is giving you a chance to win some fantastic prizes. Simply log on to the Memberlink website and click on the competition link. By entering your contact details and answering a few simple questions about the new site, you will go in the draw to win some fantastic prizes, including a travel voucher to the value of $1,500 and a Phaser 8560 colour printer valued at almost $2,200 from Fuji Xerox Printers. You can enter the draw for these major prizes once every fortnight for two months – and a great range of fortnightly prizes will also be on offer – so keep visiting the site for more chances to win! Energise your practice. Log on to www.memberlink.com.au A surge in new development will see office vacancy in the Brisbane CBD increase from just 0.7 per cent to around 6 per cent by the end of 2009 according to new forecasts from CB Richard Ellis. The Brisbane office market has been one of the tightest in the country. A record low vacancy rate in the CBD pushed office rents to record highs in 2007, with gross face rents exceeding $1,000 per square metre in some locations. But a shift is occurring according to CBRE’s new Brisbane Office MarketView report, which forecasts an easing in the market as a result of both new development activity and the impact of the global credit crunch. Acording to the report, almost 190,000 square metres of new supply is expected to be complete in 2009. While around 54 per cent of this space is pre-committed, there is the prospect of large banks of uncommitted new supply and backfill space in the market. As a result, CBRE is forecasting the CBD vacancy rate will remain under 3 per cent until the second half of 2009 before beginning to rise to around 6 per cent. Overall, however, the MarketView report highlights a positive medium term outlook for the market, given the strong underlying fundamentals – key among them the State’s continued economic growth, white collar employment growth and population growth, which were forecast to outperform national indicators. REIQ Journal July 2008