Rundle Mall has the lowest vacancy rate in the nation, the latest CBRE research shows.
New Property Council of Australia data also showed that Adelaide had the highest number of staff returning to their offices after working from home during the COVID-19 pandemic.
Both datasets were released in July 2022.
The positive research comes as the Adelaide Economic Development Agency (AEDA) continues to support new businesses moving into the city through programs such as Welcome to Adelaide.
The program aims to build a connection between new city workers and services around the city, which includes incentives to visit Adelaide Aquatic Centre, Adelaide Central Market, Rundle Mall and North Adelaide Golf Course.
Since December, AEDA’s Business and Investment team have supported more than 700 city workers move into the CBD.
Companies that have tapped into AEDA’s program include Accolade Wines, Perks Accountants and Wealth Advisers, Deloitte, Bureau of Meteorology at Lot Fourteen, PwC and ICHM.
Rundle Mall leads the nation
CBRE research showed that Rundle Mall had the lowest vacancy rate in Australia at 4.1 per cent, ahead of Sydney (6.3 per cent), Melbourne (16.3 per cent) and Brisbane (19.9 per cent).
The Mall’s vacancy rate was 4.1 per cent, off the back of large retailers such as Dymocks Adelaide, rebel, JD Sports and Glue opening in the Precinct over the past six months.
Uniqlo is set to open later this year, taking up 1000sq m of retail space in the Myer Centre Adelaide.
Off-market deals for space in Rundle Mall surged, the report said, “indicating a competitive leasing market for occupiers”.
The report said that South Australia recorded the highest monthly retail turnover growth of 1.9 per cent in May 2022, as consumers spent their “COVID-19 savings”.
Office occupancy the best in the nation
The Property Council of Australia’s latest report showed that Adelaide had the highest level of staff occupancy rates when compared to other cities.
The report showed Adelaide reached 71 per cent of its pre-COVID-19 levels in June 2022.
Vacancy rates in Adelaide dropped from 16 per cent in January 2022 to 14.2 per cent in July.
Visit the Business & Investment section of the AEDA website for more information.