CBD are “coming back alive” according to the Property Council of Australia, with occupancy rates at their highest levels since the pandemic.
As of November, Perth had the CBD highest occupancy rate, at 80 per cent, while Sydney currently sits at 59 per cent, with Melbourne at 57 per cent.
A recent Ray White study focused on the Sydney CBD (bounded by Martin Place, Castlereagh, Park and George Streets, and including Pitt Street Mall) found this particular “prime retail core” of the CBD has occupancy rates of 89.8 per cent.
Ray White notes an increase in the “other personal and household goods retailing” segment, which it puts down to “an influx in jewelery retailers”. This segment now accounts for 21.5 per cent of all stores.
Clothing and soft goods represents 31.2 per cent of all store-front businesses in this region, with services such as banks, communications, beauty and medical at 16.1 per cent.