underarmourshoes Net absorption in the Near City was higher during 2004/05 at 66,732m² than in 2005/06 with 29,367m²; however, this was reflective of tight supply and limited market opportunities.

Asked on economic forecasts and the likely overflow of tenants from the CBD, particularly until the next major wave of CBD buildings are delivered 2008-2009, the Near City is expected to see continued strong net absorption levels. The expected average net absorption for the next three years is a touch over 34,000m².

Asked on economic forecasts and the likely underarmourshoes overflow of tenants from the CBD, particularly until the next major wave of CBD buildings are delivered 2008-2009, the Near City is expected to see continued strong net absorption levels. The expected average net absorption for the next three years is a touch over 34,000m².

Vacancy rates in the Near City are expecting to maintain the current tightness as the supply additions to the market are fully taken-up. This will begin to turn around in mid-2007 as supply accelerates.

Rental levels in the Near City have been climbing over the past 18 months, with 20% growth on average gross effective prime rents over the 12 months to July 2006 and 8% the year before.

While spectacular, this is below the level of growth seen in the CBD market (57% over the past two years, as opposed to 28% for the Near City). Therefore it is expected that the rental growth run may last a little longer in the Near City with average rental growth of 4.6% per annum over the next three years with the Brisbane CBD.

The Near City underarmourshoes market is expected to see accelerating construction levels over the next two years. In general, the construction in the Near City has shorter lead times than the CBD and projects can be delivered to satisfy.

The immediate demand for office accommodation. In addition, there are several projects in the 3,000 – 5,000m² size brackets with development approval.