H1 2024 Australian CBD Retail Vacancy

CBD retail vacancy in Australia, as surveyed by CBRE Research is 12.1% (weighted) as of H1 2024. This represents a 39bps tightening from the previous figure of 12.5% recorded in H2 2023. All surveyed states, except for Queensland, recorded a tightening in CBD vacancy over the first half of 2024.

Of the five capital cities surveyed, Melbourne continued to record the lowest vacancy in the country at 6.9% with a reduction of 50bps. Sydney recorded the largest reduction of 66bps, resulting in a 7.4% vacancy. Perth and Adelaide also recorded tightening, now totalling 25.0% and 8.8%, respectively. Contrarily, Brisbane’s vacancy increased in H1 2024 by 50bps to 19.2%.