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COVID carnage still sweeping through CBD office markets

Office vacancies have hit their highest point in 25 years, as commercial landlords continue to grapple with lockdowns and a big rise in the number of people working from home.

Melbourne's Bourke Street during the latest lockdown.
Empty CBD streets have been a recurring issue in Melbourne, which has been in lockdown five times since the pandemic began. Photo: Christie Cooper/Shutterstock

Office vacancies have hit their highest point in 25 years, as commercial landlords continue to grapple with lockdowns and a big rise in the number of people working from home.

The Property Council of Australia’s latest Office Market Report showed vacancies rose to 11.9 per cent at the end of July, a level not reached since 1997.

While acknowledging the quarter-century high, Property Council chief executive Ken Morrison said the overall figure w…