Australian Office Sublease Barometer December 2023

Key points:

• Sublease volumes either declined or held stable in four of the five markets tracked by CBRE over the second half.
• While sublease activity has been trending down in most markets, national sublease volumes increased over H2 2023, reaching 295,000 sqm. This figure represented 6-month growth of 9.2% or 24,817 sqm.
• The finance and insurance sector remained the largest contributor to national sublease availability in H2 2023, accounting for 43% of the national total.
• Sublease volumes from technology, media and telecommunications firms increased over H2 2023, however, the increase was almost entirely due to one large listing brought to market by a telecommunications firm in late H2 2023.