Have I got a job for you?
A bounce-back in international visitor arrivals and a relaxation in visa rules are already providing some relief for the Australian hotel industry as job vacancies begin to ease.
New CBRE research has highlighted that while the busy Christmas holiday season is still expected to create some headaches for owners, an uptick in arrivals has corresponded with a decline in the Hospitality Job Advertisement Index, which fell by 60% in the three months to July 2022.
While there were still more than 34,000 hospitality related vacancies across Australia in July - more than double the ads recorded three years earlier - the positive trajectory of the job index signals signs of a turnaround.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.