Figures | Creating Resilience

Australia National Sublease Barometer Q4 2021

February 7, 2022

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  • National sublease availability remained relatively stable throughout Q4, decreasing by 0.4% q-o-q to approximately 343,241sqm. This represents a 19.42% decline throughout 2021, as availability was just under 426,000sqm in December 2020.


  • The national quarterly decrease was driven by Perth and Adelaide, registering reductions of 41.3% and 42.7% q-o-q respectively, and both markets reaching their lowest level since June 2020.


  • Brisbane remained unchanged in Q4, while Sydney and Melbourne markets experienced increases of 10.7% and 3.7% q-o-q respectively, after extended lockdowns throughout Q3. Melbourne is still the major contributor of sublease space, representing 56% of national availability.


  • We can expect that sublease availability will remain fluid throughout 2022 but continue to contract, as improved leasing sentiment and minimal lockdowns will enable occupiers to more clearly implement real estate strategies.