Brisbane employers appear to be coaxing staff out of working from home, with new data pointing to a hot market for CBD office real estate.
Brisbane is the only Australian capital city with positive demand and negative supply for CBD offices, according to the Property Council’s half-yearly Office Market Report, released on Thursday.
The Queensland capital’s CBD vacancy rate dropped from 11.7 per cent to 9.5 per cent in the six months to July.
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That’s the equal lowest in the country alongside Canberra, however the nation’s capital recorded a 1.2 per cent increase in vacancy.
The Property Council reports Brisbane office vacancy is at its lowest level since 2013.
“(That) would have been unthinkable in the midst of the pandemic when many businesses were questioning whether they even needed a workspace,” council spokeswoman Jess Claire said.
She said while the Brisbane situation was welcome, it poses a long-term threat of an “unhealthy” situation where “runaway demand” without being “agile and responsive enough to keep pace with growth” leaves the city unable to accommodate its workers.
“While a lack of office space may not seem as dire as the housing shortage, we simply cannot sustainably respond to population growth without places for people to work,” Claire said.
By contrast, Sydney CBD’s vacancy rate is 11.6 per cent, down from 12.2 per cent, followed by Perth (14.7 to 15.5), Adelaide (19.3 to 17.5) and Melbourne (16.6 to 18).
Melbourne has reported negative demand for CBD real estate for the past two years, after a slight bounce back when the COVID-19 pandemic ended.
Perth recorded negative demand and an increase in vacancy in its CBD.
