Office space across Australia's cities is in higher demand than six months ago, as governments and businesses seek to move into new digs at the expense of older buildings. Bringing aging office stock in line with updated standards is sometimes worthwhile. There, the vacancy rate was at 14.7 per cent, up from 10.4 per cent in January, following an influx of new stock to the market while older buildings remained unoccupied. Advertisement AdvertisementAdvertisement AdvertisementCities Australia-wide continued to grapple refurbishing or repurposing older office buildings despite growing costs. You're seeing far stronger demand and far lower vacancy rates in premium grade buildings," Mr Kandelaars said.