Latest Sydney Office Occupancy Rates Illustrate Positive Year Ahead
Sydney siders are bouncing back to the office with the latest Office Occupancy survey by the Property Council of Australia showing a sharp positive rise post Omicron, government restrictions and work from home advice.
Property Council’s NSW Executive Director Luke Achterstraat said the fast turnaround increase from 7 per cent in January to 18 per cent in February was a clear indication that Sydney was on a road of recovery.
“It is encouraging to see occupancy rates almost tripling in February, and we expect to see further sharp rises ahead with many government restrictions now behind us,” Mr Achterstraat said.
“Last year Sydney had a strong and quick recovery from the Delta lockdowns and these figures, while still showing much room for growth, indicate that Sydney's recovery is even stronger again following Omicron.
Mr Achterstraat said it's important we harness this momentum and ensure our offices and CBDs are great places to return to, so those venturing in are reminded of the value proposition of the city.
“It’s important that governments, councils and business have a big focus on bringing our CBDs back to life,” he said.
“Following on from the past two years, 2022 will be a crucial year to remind workers the importance of collaboration, networking and company culture.
“Contrary to many predictions, the office is not dead, in fact it's even more in-demand than previous reports with last month’s vacancy rates remaining steady at a globally enviable 9.3 per cent.
“There is still a long way to go and there are local factors affecting Sydney, but these figures are a strong start which we expect to accelerate in March, as more businesses reopen their offices.”
Sydney recorded 18 per cent occupancy, which was just shy of its November figure (23 per cent).
Aidan Green | E [email protected]