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Property Council Chief Executive Mike Zorbas said despite a rise in vacancy rates after a period of strong supply, the outcomes vary across markets and office grades, with a continued preference for high-quality spaces.

“The increase in office supply during 2021 and 2022, far surpassing the historical norm, and continued business moves towards high-grade offices explains the results we are seeing,” Mr Zorbas said.

“There is a clear divergence between older, low-quality stock and the new premium office buildings rejuvenating our cities. – January 2023

Mike Zorbas
Chief Executive, Property Council of Australia

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Brisbane office space to remain in short supply

The office vacancy rate in the Brisbane CBD has remained steady, according to the latest figures from the Property Council’s Office Market Report, with vacancy levels likely to drop in future with new office projects continuing to be challenged by elevated construction costs.

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