Sydney's office occupancy data hits over 50 per cent for first time in almost a year

Sydney’s office occupancy data has surpassed the 50 per cent mark for the first time in almost a year as our CBDs demonstrate their resilience, according to the latest survey by the Property Council of Australia.

Property Council’s NSW Executive Director Luke Achterstraat said the results showed the Sydney CBD was recovering from the past two years.

“This positive lift has occurred at a time when COVID and now the flu are circulating widely, forcing many people and families to stay home or isolate, on top of some extremely wet weather on the east coast,” Mr Achterstraat said.

“To have a peak of 66 per cent is very reassuring as more individuals and workplaces are embracing the benefits of face to face connection and that CBDs are regaining much of their vibrancy.

“However, it is critical the steady trickle becomes an even stronger stream. Some major employers have reported one in five of their staff have not been back to the office in months.

“It is important that complacency does not set in by public and private sector workers alike.”

Mr Achterstraat said results also found an increase in preferences for greater flexibility including working from home.

“While most businesses are embracing some flexible working arrangements with their staff, there are huge benefits in personal connection and it’s good to see these being embraced once again,” he said.

“We all need to celebrate the unique dividends that come from face-to-face time with co-workers and customers.

“The coffee, lunch or newspaper we grab from CBD vendors has a flow-on effect, as does the impromptu chat in the breakout room with colleagues we have not seen for a while.

“We hope to see this trend continue as the Property Council works with business and all levels of government to bring back vibrancy into our CBDs.”

The survey was conducted in the field between 23 and 30 May 2022.

Office Occupancy rates:

Media: Aidan Green | E: [email protected]