Australian Office Market Overview 2Q21

Positive economic and labour market indicators supported improved demand for office space across Australia's CBD markets, with the exception of Brisbane which recorded negative demand over the quarter. However, new supply additions and increasing backfill vacancy pushed the national vacancy rate higher over 2Q21. Effective rents declined as a result of incentives increasing, to varying degrees, across the CBD markets.

Investment activity picked up this quarter with domestic investors contributing to the majority of transaction volumes. Prime yields are broadly holding firm, and even compressing in some markets.

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