General
New office build celebrated in Adelaide as CBD vacancies increase to highest level since 2017
There’s a certain irony to commencing construction of a 20-storey office building while surrounded by commercial vacancy signs, but according to the South Australian government, it’s good for jobs and investment.
Key points:
- Adelaide’s office vacancy rate has soared to 16 per cent due to new builds and COVID-19
- A large South Australian government department will move into a new 20-storey office block once it is built
- Despite the building’s contribution to the office glut, stakeholders believe the investment is worth it
Construction this week began on Cbus Property’s $300 million block at 83 Pirie Street, with Infrastructure and Transport Minister Corey Wingard reiterating his department’s pledged to become the “anchor tenant” once…
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