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New office build celebrated in Adelaide as CBD vacancies increase to highest level since 2017


New office build celebrated in Adelaide as CBD vacancies increase to highest level since 2017
FriFriday 26
An artistic impression of the 20-storey office block being constructed on Pirie Street.
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There s a certain irony to commencing construction of a 20-storey office building while surrounded by commercial vacancy signs, but according to the South Australian government, it s good for jobs and investment.
Key points:
Adelaide s office vacancy rate has soared to 16 per cent due to new builds and COVID-19
A large South Australian government department will move into a new 20-storey office block once it is built
Despite the building s contribution to the office glut, stakeholders believe the investment is worth it ....

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Inside the office occupancy APOCALYPSE


MacroBusiness
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at 1:40 pm on February 9, 2021 | 41 comments
Since COVID-19 struck and Australia’s nanny state kicked into gear, office occupancy has cratered. Whether this is a long-term phenomenon as work from home takes hold is a crucial question. Commercial construction is a decent driver of economic activity.
Via the Property Council:
Melbourne’s office occupancy rate increased to 31 per cent in January but still lags the nation following Victoria’s extended lockdown and prolonged work from home orders throughout 2020.
The Property Council of Australia’s periodic Office Occupancy Survey shows an increase from 13 per cent in December, after reaching a low of 7 per cent in October, and reflects a renewed confidence and the Victorian Government’s safe and progressive roadmap to the reopening of offices. ....

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