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Suburban landlords capitalise on COVID-friendly offices despite vacancy hike
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Landlords are banking on businessesâ appetite to relocate workers into offices closer to home to counter rising vacancy rates in suburban and city-fringe locations.
COVID battered city-fringe markets were not immune to the softening demand and increasing supply that resulted in the national vacancy rate spiking to 11.7 per cent, a figure not seen since the 1990s recession.
Essendon Fields is set to launch a six-level 7500 sq m office after its vacancy rate fell to 2.2 per cent.
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Key precincts such as Parramatta in Sydney and East Melbourne weathered the storm better than most. Vacancy in the former ticked up to 6.4 per cent in January from 4.8 per cent the previous July and in the latter, it rose to 4.1 per cent.