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Changing landscape: Growing investor demand and a return to offices are bringing confidence to the sector
State by state, Australia’s office market has remained an attractive investment option and demonstrated continued strong demand from global tenants, thanks to resilient national economic growth the past 12 months. According to Reuters, the Australian economy will grow this year at its fastest pace since before the global financial crisis, driven by stimulus and the relatively successful containment of COVID-19. Employment is also nearly back to normal, with the Australian Bureau of Statistics reporting 93 percent of jobs lost have been recovered, compared with the pre-COVID level.
The vaccine roll-out is giving cause for optimism and is a promising sign that the end may be in sight. At the same time, many recognise that even if we eliminate the virus, which is unlikely, the economic, social and health ramifications of the COVID-19 pandemic will remain for some time yet.
We are also now seeing governments and employers incentivising employees to return to central busi