Sometimes crystal balls are just that.
As the pandemic triggered lockdowns across the country, many hyperbolically predicted that our CBDs would be littered with empty office buildings. Indeed, it’s a claim that is still sometimes made.
However the facts are very clear.
Our latest Office Market Report showed tenant demand lifted an average 0.5 per cent across the country’s CBDs – the second six-month period of positive demand for office space.
While new supply increased vacancies in many centres, there’s no escaping the fact that corporate Australia has decided that an office in the CBD is central to their business strategy and in aggregate they want more of it, despite the pandemic.
That’s a strong and tangible vote of confidence in the economic role of our city centres.
But we all know the recovery of our CBDs isn’t over. Tomorrow the Property Council will be releasing our latest office occupancy data for July – and this will show there is still work to be done.
The lifeblood of CBDs is people, and we don’t yet have enough people back in our city centres. With Spring just around the corner and the current Omicron wave having peaked, hopefully the recovery momentum towards a new normal can resume.
Separately, I want to use this opportunity to seek your help. The Property Council is rebuilding our website and we want to hear from our members. If you have the tiniest of moments spare this week, please complete this 8 minute survey, so we can build the very best website that delivers for you.
