The number of offices sitting empty in Australia’s cities has hit double-digit figures for the first time in six years and is rising, with vacancy rates not seen since the dark days of the 1990s recession.
At the peak of the country’s last major recession in 1990-91, more than one-fifth of the country’s offices were empty.
A report by the Property Council of Australia (PCA) shows the national office vacancy rate has reached 11.7 per cent and may go higher, hit by the double whammy of COVID-wary workers staying at home and a large increase in new office supply. This is an increase from 9.6 per cent in July last year. Read more…..
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