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Office market

15 Mar The office market shows resilience during the pandemic

Posted at 16:11h in Business, Interest Articles by
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The office market has proven surprisingly resilient during the pandemic, according to new data from the Property Council of Australia.

The national office vacancy rate increased from 11.9% to 12.1% during the six months to January. However, that was due to an increase in supply, not a drop in demand, which actually rose 1.0% across the country’s CBDs and 0.7% in non-CBD markets.

Property Council chief executive Ken Morrison said the death of the office has been greatly exaggerated.

“The supply of office space across Australia has been above the historical average in three out of the last four reporting periods, which means since the onset of the pandemic, office developments have continued to come online, and demand for it has largely kept up,” he said.

“The comparison to the 1990s recession is stark. During that crisis, vacancy rates blew out by a massive 15.6% over three years, whereas during the two years of the COVID-19 pandemic, they’ve shifted only 3.3%.”

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TOTAL LOAN AMOUNT: $525,000
TURN AROUND TIME: 6 weeks

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