Australian CBD Retail Vacancy H2 2024

CBRE's proprietary CBD Retail vacancy measure recorded another fall in vacancy in H2 2024.  We assess that CBD Retail Vacancy has tightened to the lowest level since the count began in H1 2021.

CBD retail vacancy in Australia is 11.3% (weighted) as of H2 2024. This represents an 80bp decrease from the previous figure of 12.1% recorded in H1 2024. All surveyed states recorded a tightening in CBD vacancy.  
 
Of the five capital cities surveyed, Melbourne has the lowest vacancy in the country at 6.0% with a reduction of 85bp followed by Sydney at 7.1% with a reduction of 29bp. Perth recorded the largest reduction of 285bp, resulting in a 22.2% vacancy however remains the highest in the country. Adelaide’s vacancy reduced by 105bp to sit at 7.7%. After being the only market to record an increase in H1 24, Brisbane saw vacancy reduce by 68bp to reach 18.5%.