Business
‘Death of office exaggerated’: Property giant GPT confident on workers’ return – The Age
Property giant GPT says the death of the office is an exaggeration despite revealing a $519 million first-half loss and slump in rental collection from mall tenants.
However, despite a rise in office vacancy rates across CBD locations, GPTs office rent collections and occupancy remained high at 97 per cent and 94.4 per cent, respectively, because of its diverse government and private tenants.
Funds from operations dropped 23.3 per cent to $244.5 million due to introduction of the commercial tenancies code of conduct, which provides rent relief for the retail tenants. Store closures across its shopping malls resulted in rent collection falling to 36 per cent…
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