Perth leads Australia in CBD return

Home Media Releases Perth leads Australia in CBD return

Perth’s office occupancy levels have surged, with the strongest recorded occupancy rate since November 2021.

The Property Council’s survey for July 2022 found Perth occupancy was the highest in the country, increasing from 65 to 71 per cent. The only other market to see an increase in occupancy was Canberra.

Melbourne’s occupancy dropped from 49 to 38 per cent, Sydney from 55 to 52 per cent, Brisbane from 64 to 53 per cent and Adelaide from 71 to 64 per cent, with a wave of Omicron and flu infections stalling the return of workers.

Property Council WA Executive Director Sandra Brewer said the improved occupancy rate indicates that the Perth CBD is on the right track.

“The figures reflect what we are all seeing and feeling, there is a real buzz in the city, and workers are coming back in droves,” she said.

“Month on month, we are seeing occupancy levels improve.

“With spring around the corner and the omicron wave reportedly having peaked, the settings are right for Perth to end the year with occupancy level back at peak levels by the end of the year,” Ms Brewer said.

There are several reasons to be bullish about the city’s future Ms Brewer continued, citing the ANZ/ Property Council Office Market Report July results, which showed the demand for office space grew.

“Tenants are jumping at the opportunity to take up new space, sub-leasing rates are the lowest of all tracked markets and demand is well above historical levels,” Ms Brewer said

“The results, released last week, showed that demand for office space across Perth over the past six months has increased by a healthy one percentage point, double the national increase.

“With so many reasons to be optimistic about the future, it is essential not to take our foot off the accelerator. Our CBD and the many small, medium and large businesses that call it home need feet on the footpaths to survive,” Ms Brewer concluded.

Media contact:  Emily Young  | M 0475161328   | E [email protected]