Office vacancies hit quarter-century high but green shoots emerging | msccummins
Office towers are sitting empty across the country with the vacancy rate at its highest level in close to 25 years, yet there is evidence that companies are making longer-term lease commitments for staff to return to the workplace in future.
“Australia’s office markets have shown remarkable resilience over the past six months, with overall aggregate vacancy levels only increasing slightly,” Mr Morrison said. “Excluding Melbourne, demand for CBD office space grew by 85,000 square metres over the six months, a result that few would have predicted given the impacts of the pandemic.”
But as some opt to decrease requirements, industry sectors such as public administration, professional services and healthcare are looking to expand. The tech giant Atlassian has led the charge in Sydney after signing a 15-year lease at the new Haymarket tech centre.There are even some signs of green shoots in Melbourne with Dexus, the country’s largest office landlord, revealing its 360 Collins Street tower is now 99 per cent leased.
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