Australian Office Market Overview Q4 2023
National market statistics
- Andrew Ballantyne
- Paul Chapko
Three out of six of Australia’s CBD markets recorded negative demand over Q4 2023 with Australia's CBD net absorption totalling -58,700 sqm over the quarter. Negative demand and new office completions pushed the national CBD vacancy rate up from 14.2% in Q3 2023 to 14.9% in Q4 2023. Face rents continue to show resilient growth, although this growth is being counterbalanced by an uplift in incentives in some CBD markets.