CBD OCCUPANCY UPDATE
The Property Council's latest office occupancy data continues to highlight the importance of activating the CBD, as it continues to recover from the ongoing effects of the COVID-19 pandemic.
A monthly survey of office landlords has shown that Brisbane's CBD office occupancy rate has continued to drop from 60 per cent (August 2021) to 51 per cent (September 2021). Previously Brisbane's occupancy rates had been consistent at 70 per cent, however mandatory mask wearing in the workplace and increased restrictions have contributed to a fall in foot traffic.
In conjunction with key government and private sector stakeholders, the Property Council is working towards a plan to activate the CBD, to ensure that retailers are able to capitalise on the upcoming festive season. Our member-led 'Fridays in the City' campaign held earlier this year, resulted in a 12.5% uptick in CBD foot traffic. We look forward to releasing details of our next CBD activation campaign very shortly.
The Property Council of Australia acknowledges the appointment of Shadow Attorney-General, Shadow Minister for Justice and State Member for Clayfield Tim Nicholls MP as the Shadow Minister for CBD Activation. We continue to welcome engagement from all levels of government on this important issue.
Please don't hesitate to contact the Property Council's Queensland policy team for further information.