The forecast of a hot summer thanks to the onset of the El Nino weather event is being seen as the trigger needed for managers to lure staff back to air-conditioned offices.
The forecast of a hot summer thanks to the onset of the El Nino weather event is being seen as the trigger needed for managers to lure staff back to air-conditioned offices without having to impose harsh return-to-work mandates.
This study was completed by looking at the amount of vacant space in each CBD office building included in the PCA office market report released in July. It looks at office market conditions as of July 2023 compared to conditions in July 2019. “We forecast that the CBD vacancy rate will peak at 13.5 per cent in 2024 due to the final recovery in return-to-work rates in the larger markets and the elevated levels of new supply expected to be delivered over the next year,” Biglands said.
On a state basis, Canberra led the charge with the highest occupancy at 66 per cent, followed by Sydney at 65 per cent, Adelaide at 64 per cent, Brisbane at 62 per cent, Melbourne at 61 per cent and Perth at 54 per cent.Mark Curtain, CBRE senior managing director, advisory and transaction services, said the COVID-19 lockdown period forced occupiers to rethink their office requirements, which led to adoption of the hybrid working models causing a rise in vacancy rates.
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