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Office vacancies rise, but COVID's impact 'modest'

Vacancies are up across CBD office markets, but the COVID crisis is yet to result in a mass exodus of tenants from the inner city.

Freeway heading towards Sydney CBD
Sydney's motorways aren't as full as they were pre-COVID, with corporate tenants needing less space as employees work from home. Photo: Shutterstock

Vacancies are up across CBD office markets, but the COVID crisis is yet to result in a mass exodus of tenants from the inner city.

The Property Council of Australia’s latest analysis showed Australian CBD office vacancy rates increased a relatively modest 1.2 per cent over the six months to July 2020.

Given the enormous impact on business wrought by the COVID-19 pandemic, and the fact that many professionals had transitioned to working from hom…