Demand for Commercial Office Space Bounces Back

Despite many office staff still working from home, we are beginning to see the demand for commercial office spaces in Sydney and Brisbane begin to bounce back.

Council of Australia Chief Executive Officer Ken Morrison said the results of the Office Market Report defy predictions of a pandemic-led collapse in the market. This is a positive outcome for those working in the CBD, as well as those in the building, architecture and construction industries.

Compared to the 1990s recession, where office vacancies blew out by 15.6% over 3 years, vacancies have only risen 3.3% since the beginning of Covid-19.

“The reality is that most CBD businesses continue to see the office as integral to their future, and that is reflected in the increased demand for office space over the past six months,” Morrison stated.