RESEARCH
TENANT interest remained elevated for high quality buildings in Australia’s office market in 2023, despite demand remaining flat throughout the year...
According to JLL Research’s data for national office markets from the last quarter of 2023, the aggregated level of occupied stock across Australia’s CBD office...
In 2023, the national CBD office market vacancy rate was up by 0.7% to 14.9%, with vacancy rates now at their highest level since 1995...
“Business conditions are mixed across the Australian economy. The variance in business sentiment and conditions are reflected across office markets with strong net...
CBD office markets recorded 148,400sqm of prime net absorption over the year, while for secondary grade assets recorded -148,800 sqm...
The Perth CBD was the strongest performing office market over the year, having recorded 75,400sqm of net absorption across the 12 months, with Perth’s headline...
Over the period, Perth CBD prime gross effective rents were up by 2.4%, with JLL anticipating leasing incentives and prime gross effective rents to increase by ...
According to JLL, the Brisbane CBD was one of the world’s strongest performing markets in 2023, with prime gross effective rents increasing by 11.3%...
While in the Adelaide CBD, 2023 saw 46,000sqm of net absorption recorded, which was 3.5x higher than the 25-year average and the city’s strongest result since 2008...
“Adelaide had several landmark office buildings reach practical completion in 2023. However, even with the completion of these buildings, over 65% of Adelaide’s office...
The Sydney CBD saw a negative net absorption of 64,100sqm over 2023, with the Core precinct recording 23,600sqm of net absorption, with -87,800 sqm for...
With Canberra recording a negative net absorption of -27,000sqm. Despite Canberra’s headline vacancy rate remaining the tightest at 7.8% in 2023...
“Headline vacancy statistics can be misleading. If you look across Australia’s CBD office markets, almost two-thirds of vacancy is held in only 17% of buildings...
“Limited availability for high quality buildings with superior sustainability credentials and a moderation in new supply over the next three years creates...