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Australia Report Figures - National Sublease Barometer Q2 2022

28 Jul 2022

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National sublease availability recorded a mild increase throughout the June quarter, driven by additions in Melbourne. Total sublease availability increased 8.1% q-o-q, rising to approximately 268,553sqm in Q2 2022. Our Sublease Barometer Report for Q2 2022 highlights the changes in sublease space on markets across the Australian CBDs throughout the June quarter, as well as breaking down availability by characteristics such as building grade, industry and expiry.

Melbourne was the only market to record a quarterly increase, rising by 29.6%, however availability is still 26.3% lower than December 2021. Across the other CBD markets, Sydney, Brisbane and Perth saw declines of 4.1%, 17.9% and 37.4% respectively throughout Q2. Adelaide’s sublease availability remained unchanged. Occupiers now have a better sense their space requirements, though reviews will continue until we are fully out of pandemic. Therefore, we expect Sydney and Melbourne sublease markets to remain active. However, due to cost pressures, additions and current availability is likely to be absorbed, given the majority of sublease space is fitted and in prime grade buildings.