Report | Creating Resilience

Australian CBD Retail Vacancy H2 2023

February 6, 2024 7 Minute Read

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  • CBRE surveyed 5,269 CBD retail outlets for this vacancy report, with Melbourne having the highest number of surveyed CBD retail outlets at 1,720, followed by Sydney (1,550), Brisbane (1,322), and Perth (677).
  • The CBD retail vacancy in Australia, as surveyed by CBRE Research, was 12.7% (weighted) as of H2 2023, representing a -233bps tightening from the previous figure of 15.0% in H1 2023.
  • All surveyed states recorded a tightening in CBD vacancy over the second half of 2023.
  • Melbourne continued to record the lowest vacancy in the country at 7.37% with the largest reduction of -330bps. Sydney saw a decline of 275bps resulting in an 8.1% vacancy. Brisbane and Perth also recorded marginal tightening, now totaling 18.7% and 25.3%, respectively.
  • The return to office, coupled with increased tourism and international student inflows, has led to more foot traffic in CBDs, supporting occupier appetite for floorspace within these cities.