Despite the emergence of hybrid workplaces and working from home, Australia’s CBD office markets remain resilient, apart from Melbourne where multiple lockdowns saw demand for space fall by the largest level on record.
According to the latest Property Council of Australia’s Office Market Report, the national vacancy rate increased only slightly from 11.6 to 11.9% for the six-month period to July 2021.
Overall CBD vacancy edged higher from 11.1% to 11.2% and non-CBD markets from 13.0% to 13.6%.
Property Council chief executive Ken Morrison said that the numbers reflect pleasingly solid demand for office amid the disruptions of the pandemic.
“Australia’s office markets have shown remarkable resilience over the past six months, with overall aggregate vacancy levels only increasing slightly.