Market reports

Strong net absorption of 22,604 sqm in the second half of 2024 has seen the Adelaide CBD vacancy rate drop to 16.4%. The prime grade building vacancy rate is now at 18.1%. Whilst the secondary grade building vacancy rate has also dropped to 14.9%. Both vacancy rates have dropped as a result net supply was quite muted at only 6,659 sqm.

The vacancy rate of Melbourne's CBD office buildings remains historically high, and workers return to the office continue to lag other capital cities. The underlying picture is more complex, however. Vacancy levels of prime-grade assets where landlords have invested in building amenities and services in sought-after locations, such as the Eastern core, are much lower than the vacancy levels of ageing buildings in less sought-after precincts.

Western Australia continues to be a leader in the national performance rankings. Although slightly slower than the previous quarter, Population Growth remains strong at 2.8% for the year to the end of June 2024 with the WA population now over 3 million.

The Brisbane CBD vacancy rate remains comparatively low at 10.2%, outperforming other CBD markets across Australia. This is, however, a 0.7% increase from July 24 figures. This resilience is attributed to increased demand for prime-grade office space and the withdrawal of secondary-grade stock.

The Sydney CBD office market has experienced an increase in overall vacancy rates, now up at 12.8% from 11.6% in July 24, which remains above the 10-year average. This increase is attributed to an influx of new supply.

This video update offers a snapshot of current trends in the retail leasing landscape across Australia and New Zealand from the tenant perspective.

This video update offers a snapshot of current trends in the industrial leasing landscape across Australia and New Zealand from the tenant perspective.

This video update offers a snapshot of current trends in the industrial leasing landscape across Australia and New Zealand.