Shoppers and retailers alike are returning to the country’s CBDs, with retail vacancy rates tightening by 14 per cent in the last half of 2022.

This is according to new research from CBRE, who assessed 5,347 retail outlets across Sydney, Melbourne, Brisbane, Perth and Adelaide.

While the numbers are measured against the last half of 2021, a period in which retail was still suffering temporary shut downs, it shows a steady return to vacated spaces.

“Retailers are on the expansion trail, with our latest Asia Pacific retail flash survey showing that 83 per cent of Australian respondents plan to grow their store networks this year, with 61 per cent planning to increase the quality of their store locations – a move which will favour CBD markets,” said CBRE’s Australian head of retail research, Kate Bailey.

Melbourne saw its vacancy rate fall to 9.2 per cent, with Adelaide dropping to 13.3 per cent.

Sydney’s vacancy rate currently sits at 8.3 per cent, increasing during the half, mostly due to the high prices of Pitt Street rents.

“We’ve seen demand increase from national and international brands for prime locations on George and Pitt Streets off the back of strong sales and increasing office occupancy rates,” Leif Olson, CBRE’s Australian head of retail leasing.