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OFFICE

Managing costs will take on new importance as businesses adjust and recover from the deep economic impact of COVID-19. Commercial property owners and managers will be no exception as they map their way through the aftermath of the months-long disruption to normal business.

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The Property Council of Australia’s survey of members who own or manage office buildings in Australian CBD locations has revealed September 2020 office building occupancy to be well below pre-COVID-19 levels despite very low or no community transmission being reported in most locations. This new data reinforces the parliamentary decision to order...

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The effects of the pandemic is felt across all Australian office markets. Some markets are forecasting minimal signs of recovery until well into 2022, whilst other markets have a brighter outlook.

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The rapid expansion of flexible space – which includes co-working centres and serviced offices – over recent years is now being followed by a COVID-induced recession that has reduced demand for office space, flex included. We expect some contraction and consolidation within the flexible office space market over the coming years, with some...

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The July 2020 Office Market Report, released by the Property Council of Australia, reveals the early stages of the COVID-19 pandemic have so far delivered a modest effect on Australian CBD office vacancy rates. This reflects strong base settings for most Australian CBD markets at the outset of the pandemic.

 

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Over one million square metres of newly constructed office stock will be supplied to the Australian office market in 2020, more than half of which will be supplied to Sydney and Melbourne.

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