Canberra Office Figures Q3 2024

key Points:

• Leasing demand has remained stable across Canberra in 2024. Overall net absorption totalled 6,109 sqm in H1 2024, with the bulk of activity in higher grade properties.
• Canberra continues to see the first wave of deliveries in the current supply wave. New supply totalled 45,537 sqm over the first three quarters of 2024.
• Canberra’s overall office vacancy rate ended H1 2024 at 9.5%. This figure represented an increase of 116 bps from year-end 2023. This increase was due largely to new supply delivered over the period.
• Gross rental rates declined marginally over Q3 2024 while incentives increased slightly. This resulted in net effective rents declining over the quarter.
• Canberra office sales have totalled AUD 152.5 million year-to-date in 2024. Yields also increased marginally over Q3 2024.