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Migration helping CBDs slowly emerge from the gloom

While dire predictions of the death of the CBD are not backed up by the numbers, the emergence of retail and office markets from the pandemic-era gloom is still proving to be a slow process.

Premium CBD retail store with blurred image of passers-by.
Office vacancy rates nationally continue to rise but there are signs that CBD retail is recovering.

Retail vacancies have continued to rise across Australia as offices struggle to fill desks and floors but signs have emerged that the post-pandemic urban exodus is beginning to correct itself.

Areas with strong migration and population growth, such as Perth, Brisbane, Gold Coast and parts of Sydney, have seen office occupancy improving.

The Sydney and Melbourne CBD office markets, however, have had mixed fortunes, with vacancy rates continuing …