Brisbane’s office occupancy levels have held their ground following a downturn in July, according to the latest data from the Property Council of Australia.
The Property Council’s latest Office Occupancy Survey revealed Brisbane’s office occupancy had risen from 53 per cent of pre-COVID levels in July to 57 per cent in August, the second highest jump for any capital city in Australia.
Queensland Executive Director of the Property Council, Jen Williams, said while there was a marked drop in occupancy in July as the country dealt with the latest wave of Omicron and flu season, Brisbane’s office market is again trending in the right direction.
“Despite the ongoing impacts of the pandemic and trend towards greater workplace flexibility, quality office space in Brisbane remains in high demand,” Ms Williams said.
“The Property Council’s mid-year Office Market Report showed 44,000 square metres of net absorption between January and July, which is more than four times the historical average.
“That is the equivalent of the new 80 Ann Street tower being taken up by new users in just six-months.
“August also saw a pleasing uptick in public transport patronage, with Tuesday 9 August seeing the highest number of trips recorded since the pandemic was declared.
“The week ending 14 August saw public transport back at 73 per cent of pre-COVID levels.
“While these are all positive signs for the CBD, there is still some way to go to restore the full city centre ecosystem, with inconsistencies in peak and low days of activity continuing to have an impact on many of the city’s small businesses.
“With spring now here and major events like the Brisbane Festival underway, the recovery momentum towards a new normal should resume.
The survey was conducted in the field between 25 and 31 August 2022.
ENDS