Office Occupancy continues to rise

Brisbane’s office occupancy level has risen for the third consecutive month, however, it remains significantly below last year’s peak and well down on pre-COVID numbers.

The Property Council’s monthly office occupancy data revealed that office occupancy had risen from 41 per cent in February to 48 per cent in March, in a sign that Brisbane’s city centre was continuing to recover, albeit slowly, from the impact of the floods and recent Omicron wave.

Queensland Executive Director of the Property Council, Jen Williams, said that the results were testament to the resilience of Brisbane’s workplaces and businesses, the majority of which were back up and running within hours of the floodwaters receding.

“It hasn’t been the start to 2022 we envisioned for the city centre, but key learnings from 2011 ensured a quick bounce back for many operators, and confidence is again building,” Ms Williams said.

“That being said, the recent flood and its flow-on impact on public transport networks inhibited access to the city for many people, which is apparent in this latest survey.

“Fortunately, despite all these factors, office occupancy continues to trend in the right direction and Brisbane is leading the race back to the office among major cities.

“It is evident the community is keen to get out and show its support for city centre businesses. The Property Council’s Brisbane VIP competition has seen strong participation across the month-long campaign, with over 10,000 check-ins via the QR code from visitors and workers in the city centre.

“Today is the last day of the competition, with the winner of the $37,000+ prize package to be announced tomorrow.

“The competition has highlighted that people still love coming into the city for work and leisure, however, the shift towards greater flexibility that was accelerated by the COVID pandemic looks here to stay.

“Given an increasing number of people have a choice about where they would like to work, there is a greater need than ever to reimagine and refresh our city centres to ensure they provide experiences and collaboration opportunities that make the commute worthwhile.”

Office Occupancy rates:

Mar-21

Apr-21

May-21

Jun-21

Jul -21

Aug-21

Sep-21

Oct-21

Nov-21

Jan-22

Feb-22

Mar-22

Melb CBD

39%

45%

45%

26%

12%

7%

6%

4%

12%

4%

15%

32%

Syd CBD

56%

65%

68%

67%

7%

4%

4%

8%

23%

7%

18%

41%

Perth CBD

79%

78%

77%

76%

78%

77%

76%

79%

77%

66%

55%

45%

Canberra

72%

70%

71%

72%

73%

8%

8%

7%

17%

7%

21%

45%

Bris

CBD

79%

78%

78%

71%

67%

60%

64%

57%

63%

13%

41%

48%

AdelCBD

69%

70%

71%

80%

15%

65%

51%

64%

73%

11%

47%

61%

 

The survey was conducted in the field between 24 and 31 March 2022.