ResolveXO Office Radar Release - 2nd Edition
February 2024
The awaited 2nd Edition of ResolveXO Office Radar is here!
We have analysed the CBD property markets for the 2nd half of 2023 from the occupier's perspective. Understanding the value of time, we’ve distilled the most crucial data onto our radar for you.
Some key findings from our Office Radar:
Vacancy on the rise: CBD office vacancy rates have climbed across all major capitals except Perth, driven by weakened demand despite limited new supply. This trend suggests sustained elevated vacancy levels.
Sydney struggles: Incentive packages in Sydney CBD are now exceeding 50% of gross rent, further highlighting softening demand coupled with reduced office size requirements.
Melbourne's long road: Melbourne contends with an oversupply issue, leading to a lengthy recovery period for vacancy rates.
Brisbane's mixed signals: While Brisbane saw a temporary dip in vacancy, the latest figures signal a possible reversal, aligning with broader market trends.
What does this mean for you?
These insights offer guidance for businesses navigating the evolving office market landscape. In our radars, you'll find city-specific market dynamics, commentary on rents and incentives, notable commitments and more.