JP Morgan notes that physical office occupancy rates across Australia’s capital cities remain well below levels prior to the COVID-19 pandemic, despite the fact that workers are gradually returning to on-site work. The investment bank says office vacancies are forecast to peak at about 20% in Sydney and Melbourne over the next four years, as companies opt to reduce the amount of space they lease.
Accordingly, Property Council of Australia CEO, Ken Morrison, is calling for workers to return to CBD offices:
Mr Morrison said while the way people work and use offices is changing, successful businesses were built on people being connected, collaborating and working in teams in physical workplaces…
