Research

Australian Office Market Overview Q4 2023

National market statistics

February 06, 2024

Contributors:

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.

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