Australian Office Sublease Barometer December 2024

Key points: 

• National sublease volumes decreased over Q4 2024, falling to 180,361 sqm.
• As was the case in Q3 2024, the declines recorded in Q4 2024 were driven primarily by a reduction in sublease listings in Melbourne and, at a smaller scale, Brisbane. Sublease volumes in Melbourne declined by 23,989 sqm (-28.1%) over Q4 2024, while volumes in Brisbane declined by 1,524 sqm (-10.9%).
• The Finance & Insurance and Technology, Media & Telecommunications sectors remained the largest contributors to sublease availabilities in Q4 2024. Volumes in each of these sectors declined in the fourth quarter.
• New listings by large corporate occupiers continue to slow as the corporate right sizing cycle nears a completion. The reduction in large listings on the market has resulted in the average size of subleases declining to 1,516 sqm.