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  "documentTitle": "Infrastructure beyond COVID-19",
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  "notes": "Includes specific company examples (Telstra, Macquarie Bank, Ashurst, AECOM) and market data from CBRE and Cushman & Wakefield.",
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      "text": "COVID-19 has caused a dramatic increase in sublease vacancies as companies reduce overheads. This trend is similar in Melbourne where sublease vacancies are at their highest levels in seven years",
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      "text": "There is substantial uncertainty on the lasting impacts of 'remote work' for CBDs and commercial office providers",
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      "text": "COVID-19 has caused a dramatic increase in sublease vacancies as companies reduce overheads.",
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      "text": "CBD Office Vacancy (Jan-2020, Jul-2020)",
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      "text": "Historical sublease availability in Sydney (Dec-2013 to Sep-2020)",
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      "text": "Many companies located in Australian CBDs are not renewing commercial leases or are downsizing floor space. While reported market metrics have not yet moved dramatically, CBRE expects more significant changes in 2021. Sublease vacancies increased by 90%.",
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      "text": "Telstra reduced floorspace by 10 floors. Macquarie Bank, Ashurst, and AECOM have reduced office space. Cushman and Wakefield reported declining office rental rates.",
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      "text": "CBD Office Vacancy: 18.4%",
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      "text": "Source: CBRE - Sublease barometer September 2020; Cushman and Wakefield - Market Beat",
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