MEDIA RELEASE

Office Occupancy surges

Brisbane’s office occupancy levels continue to bounce back despite a severe flu season and the on-going impact of COVID-19 according to the latest data from the Property Council of Australia.

The Property Council’s monthly office occupancy data revealed that Brisbane’s office occupancy had risen from 51 per cent of pre-COVID levels in April to 64 per cent in May, the second highest level of office occupancy for any capital city in Australia.

Queensland Executive Director of the Property Council, Jen Williams, welcomed the results as a clear sign that workers and employers were reconnecting with the office following a challenging start to the year for Brisbane’s city centre.

“The results from May were one of the largest monthly jumps in occupancy we have seen since we began recording office activity nearly two years ago,” Ms Williams said.

“Obviously, there is still plenty of work to be done, however, given that COVID is still a factor and we are currently undergoing a flu season which is much worse than usual, I am confident that these numbers will continue to trend upwards in the coming months.

“This strong office occupancy result for May matches what with have been seeing in the market in terms of demand for office space.

“The Property Council’s Office Market Report data continues show strong demand, especially for premium grade office stock.

“This highlights that big organizations clearly believe in the future of the office as a space to collaborate and engage creatively with co-workers.

“Our recent Brisbane VIP competition also received strong support and recorded over 10,000 checkins throughout its month long run time.

“Interestingly, the campaign highlighted that the vast majority of people travelling to and from the CBD did so on public transport.

“So, moving forward the Property Council will continue to work with the Queensland Government on additional initiatives around public transport, which if implemented will hopefully see activity levels in Brisbane’s city centre continue on their positive trajectory,” Ms Williams said.

ENDS

Office Occupancy – May 2022

 

What is the level of occupancy in office buildings as a percentage of the pre-COVID rate?

 

 

 

 

 

 

Market

Melbourne CBD

Sydney CBD

Canberra

Perth CBD

Brisbane CBD

Adelaide CBD

Jul-20

20%

36%

49%

67%

48%

62%

Aug-20

8%

33%

53%

61%

50%

68%

Sep-20

11%

39%

51%

70%

58%

74%

Oct-20

8%

44%

70%

85%

68%

81%

Nov-20

14%

50%

72%

85%

68%

76%

Jan-21

34%

50%

76%

74%

70%

77%

Feb-21

27%

54%

72%

72%

72%

77%

Mar-21

39%

56%

72%

79%

69%

79%

Apr-21

45%

65%

70%

78%

70%

78%

May-21

45%

68%

71%

77%

71%

78%

Jun-21

26%

67%

72%

76%

71%

80%

Jul-21

12%

7%

73%

78%

67%

15%

Aug-21

7%

4%

8%

77%

60%

65%

Sep-21

6%

4%

8%

76%

51%

64%

Oct-21

4%

8%

7%

79%

57%

64%

Nov-21

12%

23%

17%

77%

63%

73%

Jan-22

4%

7%

7%

66%

13%

11%

Feb-22

15%

18%

21%

55%

41%

47%

Mar-22

32%

41%

45%

45%

48%

61%

Apr-22

36%

42%

39%

50%

51%

59%

May-22

48%

55%

60%

63%

64%

71%