Canberra is the only CBD office market in Australia to not record an increase in its vacancy rate during 2020. Reflecting its resilience to the effects of the pandemic, the office vacancy rate has held stable at 10.1% in the six month to January 2021. This can be attributed to the Commonwealth Government leasing almost all the new supply that came online during the same period. An earlier easing of virus restrictions than other states and territories has also helped to keep vacancy rate stable when other markets have experienced an increase.
In contrast to Sydney and Melbourne where sublease availability rose substantially during 2020, there has been no material change to sublease vacancy since the onset of the pandemic.