Australian CBD Retail Vacancy H2 2025

CBD retail vacancy in Australia, as surveyed by CBRE Research is 10.4% (weighted) as of H2 2025. This represents a 73 bp decrease from the previous figure of 11.1% recorded in H1 2025. Vacancy has tightened nationally to the lowest level since the count began in H1 2021. Continued return to office momentum, coupled with increased tourism, events, infrastructure and international student inflows, has led to increased foot traffic in CBDs, supporting occupier appetite for floorspace.

Of the five capital cities surveyed, Sydney recorded the lowest vacancy (4.3%) which was in part due to construction at the MetCentre removing a number of previous vacancies from the count. This was followed by Melbourne (6.5%) which saw vacancy decline despite two new centre openings. Perth’s CBD retail vacancy experienced a significant improvement, decreasing by 317 bp during H2 2025 to 18.6%. This is the lowest Perth CBD retail vacancy rate that has been recorded since H1 2021, when the CBD retail vacancy series began. Brisbane saw a reduction of 77 bp to 17.5% while Adelaide saw a slight jump in vacancy to 11.7%, the only capital to see an increase.