Economy / 04 August 2023
Aussies say ‘yeah, nah’ to the office
Many employers are calling on their teams to return to the office, but it ain’t sticking with office vacancy rates at their highest level since the 1990s. Data published by the Property Council of Australia found the national vacancy rate in our major cities’ CBDs rose from 12.6% to 12.8% in the first half of the year, with Melbourne seeing the highest jump, followed by Sydney and Perth. The growth in vacancies has slowed since last year, but analysts say it shows the WFH trend remains strong. And it’s not just being pushed by employees – more businesses are opting to cut back on costs by vacating their inner-city digs. That’s creating a tricky situation for commercial landlords here and around the world. Maybe they’ll take a leaf out of San Francisco’s book on bringing home to work…
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