The next wave of new CBD skyscrapers may not emerge until the next decade as the Sydney and Melbourne office markets recover from the rise of remote work, weaker demand, and near-record-high vacancy rates, property experts say.
An oversupply of office space is expected to take several years to resolve, denting the business case for new CBD towers, which would then take more years to construct and complete, according to economists and analysts polled in the Financial Review quarterly property survey.