Why the remote working trend appears to be fading in major cities
Office vacancy rates in major Australian cities are beginning to decline as companies seek high-quality office spaces in central business districts. This trend suggests that the remote working surge is cooling as firms leverage landlord incentives to return to city towers.
Why it matters
The shift back to office-based work has significant implications for commercial real estate markets and urban economic recovery post-pandemic.
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Share A A A Growing demand for office space in Australia’s big cities suggests the momentum for remote working may be fading as companies take advantage of lower rents to shift into better towers.
Vacancy in Sydney’s offices has edged down half a per cent over the past six months to 13.3 per cent as big firms leased more space than they did over the same period to January this year, a new Property Council survey shows.
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