Business
COVID-battered office markets hit double digit vacancy rates – Sydney Morning Herald
The number of offices sitting empty in Australia’s cities has hit double digit figures for the first time in six years and is trending upwards.
Melbourne, now the countrys largest office market by square metres, has seen a huge increase in space, adding 350,000 sq m to the CBD in 2020 and faces the prospect of gaining a similar amount over the next three years.
Not surprisingly, the citys vacancy rate has risen to 8.2 per cent from an all-time low of 3.3 per cent before the pandemic. Sydneys vacancy rate was 8.6 per cent at the end of January, up from 5.6 per cent in July.
The growing glut of empty space has prompted calls from landlords,…
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