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Lowest industrial property vacancies in five years for the Hunter

March 1, 2018

March, 2018

Industrial property vacancy rates fell dramatically in 2017 in Newcastle, NSW’s second largest city, according to a report tabulated by Raine & Horne Commercial Newcastle.

A surge in spending by the Hunter region’s mining industry contributed significantly to the drop in industrial vacancy rates, according to the 2018 Raine & Horne Industrial Average, an annual measurement of vacancies in the major industrial estates in Newcastle. The report shows that vacancy rates are 4.53% for the Hunter in early 2018, which is down from an average of 5.32% in 2017 and 7.56% two years ago.

The Rutherford area recorded significant vacancy falls from 4.43% in 2017 to 2.13%. Located west of Maitland, Rutherford readily services and supplies the region’s mines and draws on a well-priced workforce, according to Paul Tilden, Industrial Specialist, Raine & Horne Commercial Newcastle. “When employment becomes tighter, and the mines start attracting workers through higher wages, ancillary companies closer to the mines can expect a skills shortage, and that’s where Rutherford comes into its own. Rutherford provides access to the mines while being close to workers’ families,” said Paul.