Australian Office Sublease Barometer December 2025

Key Points:

• National sublease volumes declined over H2 2025, ending the period at 153,991 sqm. Sublease volumes now sit at their lowest levels in five years.
• Sublease volumes have continued to trend downwards as listings have either been absorbed by an increasingly active leasing market or withdrawn.
• Sydney experienced the largest decrease in sublease volumes over the second half, with volumes falling by 23,000 sqm (or 35.6%) over the six-month period. Perth also saw sublease volumes decline by 5,851 sqm (or 22.5%) over H2 2025. 
• The Professional Services, Finance & Insurance, and Tech, Media, & Telecommunications sectors remained the largest contributors to sublease availabilities as of year-end. These sectors continue to account for c.60.0% of the national total.
• The average size of sublease listings continues to decline, ending the year at 1,328 sqm.