Report | Creating Resilience

Australian CBD Retail Vacancy H1 2023

August 10, 2023 10 Minute Read

CBD retail vacancy in Australia, as surveyed by CBRE Research is 15.0% (weighted) as of H1 2023. This represents a +112bps softening from the previous figure of 13.9% recorded in H2 2022.
Of the five capital cities underlined in report, Melbourne emerged with the lowest vacancy in the country at 10.7%
Sydney saw a 249bps increase to 10.8%. Brisbane also recorded a softening this half, now totalling 19.5%. Adelaide (12.4%) and Perth (25.4%); were the only cities to record contractions.
Overall, vacancy has softened nationally, coming off seasonal highs of last half and slower spending.
Office occupancy and return of tourism and international students has seen a large growth over the last year, increasing visitation.