Sydney's vacant office-to-let
We often here about the effect of the economic downturn and how it has effected our national economy, we also often here about the trouble facing many American property owners in larger cities and the business effects caused by the recession.
However the media does not often report the results of the slump in other parts of the world, this week the headlines are dominated by the Australia economy the latest system to feel the harsh hand of recession.
The Property Council of Australia has reported that Sydney's central business district is struggling to fill vacant space, as demand for office - to -let space dropped to 7.7 percent.
The city has recently put on hold new projects designed to develop local areas into new office space as demand for let property has been decreasing since the economic downturn.
However the council executive director Ken Morrison explains that although these projects have currently been stalled on the production line, the new space will increase employment opportunities in Sydney which can be a vital backbone for riding out the recession for many.
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August 10th 2009
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