Australian office vacancy rates remain elevated in Australia

Access the full data insight report to learn more about the key points outlined below:

• The latest Property Council data confirms all the major office markets remain oversupplied, with the suburban markets generally in a worse position than the CBDs. The national office CBD vacancy rate rose slightly in H2 2024 to 13.7%, as supply additions outpaced positive demand. This is the highest vacancy rate since the mid-1990s. Over the same period, the national non-CBD vacancy rate was stable at an elevated 17.2%.

• Net absorption across the major CBDs was positive overall during the last six months, with Sydney and Perth showing a marked improvement. However, Melbourne continues to drag with its negative net absorption deteriorating, whilst Brisbane also recorded negative take-up.