The office market nationwide faces ongoing challenges due to low uptake, leading to increased vacancies and downward pressure on rents and asset values in CBDs and non-CBDs alike.
Working from home and hybrid working conditions have been the major contributor to this impact on occupied stock. Few businesses are growing their footprints during this period which is representative of the continued decline in net absorption levels across most office markets, however Parramatta may be a shining light.
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