The Australian capitals where WFH employees are digging in
A leading industry body warns that some CBDs need support if they are going to thrive economically
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If you’re looking for office space in Brisbane anytime soon, you might want to get a move on.
That’s according to the last data from the Property Council Australia which has just released its biannual Office Market Report.
The report shows the Sunshine State capital has recorded a fall in vacancy rates over the past six months from 12.9 percent to 11.6 percent. There is even less available office space available in the nation’s capital, with vacancy rates in Canberra falling from 8.9 percent to 8.2 percent. Perth and Adelaide also reported modest falls in office vacancies as more businesses entice workers back to their desks.
However, it’s a different story in the country’s two largest capitals, with Sydney and Melbourne data revealing vacancy rates are on the rise.
Property Council Chief Executive Mike Zorbas said Sydney and Melbourne face some challenges.
“Demand remains strong in four of the six capital cities captured in our detailed survey, but it has subsided across the big two, Sydney and Melbourne,” Mr Zorbas said.
“Sydney and Melbourne experienced slight vacancy rate increases with over 200,000 sqm of new office space planned in the next three years. However, pre-commitment rates are lower than Brisbane, with only 42 per cent in Sydney and 17.4 per cent in Melbourne already secured by tenants,” Mr Zorbas said.
Businesses have been trying in recent months to entice more workers back to the office in a post COVID environment offering everything from fully stocked fridges to board games to make workplaces feel more welcoming.
Mr Zorbas said CBDs were key economic centres and governments around the country need to support them to ensure they remain vibrant.
“Thriving CBDs are an essential part of our national economic prosperity and support the viability of large-scale public transport systems and investments in public amenities,” Mr Zorbas said.
“We need parliaments and public and private sector leaders to recognise and champion the superior relationships, organisational, economic and societal outcomes that come from face-to-face teamwork in cities and towns across our nation each and every week.”
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A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.
The 7,145-square-foot apartment, with European-inspired interiors, hasn’t traded hands since it was built in 2008.
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A Denver condo that hit the market earlier this week for $16 million is now the Mile High City’s most expensive listing.
The new listing by far beats the next-priciest home for sale, a condo in a new development that was put on the market at the beginning of the year for about $9.79 million.
The city’s most expensive single-family home is asking just shy of $9 million—the metro area’s priciest single-family homes tend to be in the Cherry Hills Village suburb.
At 7,145 square feet, the newly listed unit is nearly double the size of the one in the new development and more on par with the size of some of Denver’s most expensive single-family homes.
It’s on the top floor of a seven-story mixed-use building that was built in 2008 in the Cherry Creek neighbourhood, one of the most affluent areas of the city.
The last time the three-bedroom apartment sold was before it was even completed, though it’s been owned under a few different LLCs and trusts.
The seller, who Mansion Global wasn’t able to identify, bought the condo from the developer in September 2007 for $4.047 million, records show.
The design of the interiors is European-inspired, with decorative columns, elaborate millwork and ornate built-ins.
Plus, there’s a mahogany-clad study, a formal dining room that seats up to 30 guests and views of mountains and Denver Country Club’s golf course.
A private terrace adds 1,230 square feet of outdoor living space and features a fireplace and a built-in barbecue, according to the listing with Josh Behr of LIV Sotheby’s International Realty.
A representative for Behr didn’t respond to a request for comment.
The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
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