The overall vacancy rate for Prime CBD office accommodation has increased but may now be at or near its peak. Face rents for prime office are steady but incentives are a factor in this. Vacancy rates and net effective rental rates outside of the CBD appear stable although demand for the available space is muted. A structural shift in where and how people work poses an immediate challenge to the sector. View the infographic.
Secondary assets continue to struggle with high vacancy, reduced rents, and limited investor demand. However, after a period of increasing vacancy, occupier demand for prime retail premises appears to be stabilising. Suburban retail in desirable areas has weathered the pandemic well with minimal increase in vacancy and steady rentals due to strong support from local catchments. View the infographic here.