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Wednesday, February 8, 2023

Demand returns for CBD retail space

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The CBD is “bringing back to life” according to the Property Council of Australia, with occupancy rates at their highest levels since the pandemic.

As of November, Perth had the highest occupancy rate in the CBD, at 80 per cent, while Sydney currently sits at 59 per cent, with Melbourne at 57 per cent.

A recent Ray White study focused on Sydney’s CBD (bounded by Martin Place, Castlereagh, Park and George Streets, including Pitt Street Mall) found that this “prime retail core” of the CBD had occupancy rates of 89.8 per cent. Cent.

Ray White notes an increase in the “other personal and household goods retail” segment, which he attributes to an “influx of jewelry retailers.” This segment now accounts for 21.5 percent of all stores.

Apparel and soft goods account for 31.2 percent of all businesses in this region, with services such as banking, telecom, beauty and medicine accounting for 16.1 percent.

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