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Remote work crushes next wave of office towers: experts

Nick Lenaghan

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.

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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com

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    Original URL: https://www.afr.com/property/commercial/remote-work-crushes-next-wave-of-office-towers-experts-20240716-p5ju57