Sydney's office occupancy data surges as workers flow back to the office
Sydney’s office occupancy data has more than doubled for the third month in a row as workers flow back to see their colleagues and embrace the Sydney CBD according to a new survey by the Property Council of Australia.
Property Council’s NSW Executive Director Luke Achterstraat said the jumping from January’s 7 per cent to February’s 18 per cent and now March’s 41 per cent occupancy rates is proof that the recovery is well on track.
“Even with the terrible floods and lingering Omicron waves that persist to have isolation impacts, it is encouraging to see such strong numbers continuing their positive trajectory,” Mr Achterstraat said.
“To see the rates rise almost by six times since the start of the year is very pleasing and reminds us all that we are on the road for recovery.
“While most businesses are encouraging some flexible working arrangements with their staff, there are huge benefits in personal connection and it’s good to see these being embraced once again,” he said.
According to the survey, office occupancy rates vary between peak and low days. With Sydney peaking at 52 per cent and experiencing at low of 23 per cent.
The Property Council of Australia survey also asked respondents when they expected to see a major improvement in occupancy levels, and although 32 per cent believed it would take 1-2 months, more than half (56 per cent) said it would take 3 months or more.
According to the survey, the majority of office owners believe that a preference for greater flexibility (42 per cent) is the primary driver of occupancy levels.
Mr Achterstraat said as forecasted, office occupancy rates accelerated in March as more businesses reopened after the school holidays.
“We hope to see this trend continue as the Property Council works with business and all levels of government to bring back vibrancy into our CBDs,” he said.
Media: Aidan Green | E [email protected]