Australian Office Market Overview Q1 2023
- Andrew Ballantyne
- Paul Chapko
Five out of six of Australia's CBD markets recorded positive net absorption over Q1 2023. Australia's CBD net absorption totalled 43,400 sqm over the quarter. Despite the positive quarterly demand result, the national CBD vacancy rate increased marginally from 14.2% in Q4 2022 to 14.3% in Q1 2023 driven by the completion of new office stock.