SYDNEY’S CBD office market has proven itself resilient throughout a tumultuous period.
According to the Property Council of Australia’s latest Office Market Report Sydney’s CBD office vacancy rate is still sitting below 10%.
“The current lockdown and the effects of such are expected to be short lived, with transactions still being executed during lockdown and enquiry continue to flow in. The expectation is that when we do come online there will be increased deal volumes,” said Al Dunlop, head of office leasing, NSW for Knight Frank.
Excluding Melbourne, Sydney was the only CBD to experience an increase in vacancies, with an overall increase from 8.5% to 9.2%.
“Businesses of all sizes have been active, particularly in the sub-2000 sqm cohort of the market. Tenants are still actively looking for office space to ensure their staff have a new workplace to return to when the lockdown is over,” said Daniel Kernaghan, head of office leasing, NSW for JLL.