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.
Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.
The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.
Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.