The vacancy rate for Australian office spaces has reached a 24-year high with a reduced demand amid the CCP virus pandemic, while at the same time significant amounts new supply have been added to the market. The Property Council of Australia Office Market Report for the six months leading to January 2021 found the vacancy rate for Australia’s office market increased from 9.6 percent to 11.7 percent—its highest level since January 1997. CBD vacancies reached a six-year high, increasing from 9.2 percent to 11.1 percent. Non-CBD markets recorded their highest vacancy levels since 1995, rising from 10.4 percent to 13.4 percent. Office vacancies are calculated based on whether there is a lease for office space and not on if tenants have employees occupying the space. Property Council Chief Executive Ken Morrison said that while the lockdowns and stay at home restrictions imposed due to the pandemic had reduced demand for …