Research

Australian Office Market Overview Q1 2024

National market statistics

May 08, 2024
Contributors:
  • Andrew Ballantyne
  • Paul Chapko

Australia's CBD net absorption rebounded over the quarter, totalling +33,300 sqm with five out of six of Australia’s CBD markets recorded positive demand. However, despite the positive result, the national CBD vacancy rate remained flat at 14.7% over Q1 2024 driven by backfill vacancy from the completion of new office stock.

Tenants are gravitating towards high quality prime stock in desirable locations which is supporting rent growth in these types of assets.

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