News

CBD's poised for reactivation

OFFICE • October 7, 2021

The phased reopening of CBD's comes as a welcome sign for Australia’s largest city centres after recent lockdowns.

The Property Council of Australia’s September occupancy survey recorded Sydney CBD's occupancy at only 4%. Melbourne and Canberra experienced similar difficulties from lockdown measures, recording only 6% and 8% of pre-COVID occupancy, respectively.

Occupancy in cities not enduring lockdowns is still struggling to reach pre COVID levels as workers demand more flexible working arrangements.

Property Council Chief Executive, Ken Morrison, said that October and November would be an important period for the reactivation of Australia’s largest CBD's.

“With Sydney and Melbourne both committed to a path out of lockdown, CBD office owners and managers are working to prepare their assets for the return of vaccinated workers,” Mr Morrison said.

Despite a committed path out of lockdown, over 75% of respondents do not expect to see a material increase in CBD office occupancy levels within the next 3 months.