Australian Office Sublease Barometer June 2024

Key Points: 

• National sublease volumes decreased over Q2 2024, falling to 245,007 sqm.
• The declines recorded in Q2 2024 were driven primarily by a reduction in sublease listings in Sydney and Melbourne. Sublease volumes in Sydney have now declined by 49,666 sqm (-38.3%) over H1 2024, while volumes in Melbourne declined 17,427 sqm (-11.8%).
• Sublease volumes in each of the other capital cities tracked by CBRE remained fairly stable over Q2 2024. Perth saw volumes decline slightly while volumes in Brisbane and Adelaide increased marginally.
• The Finance & Insurance and Technology, Media & Telecommunications sectors remained the largest contributors to sublease availabilities in Q2 2024. These sectors accounted for a combined 71.4% of the national total.
•  Listings by large corporate occupiers slowed in Q2 2024. The number of sublease listings sized greater than 1,000 sqm has declined from 65 in Q4 2023 to only 49 in Q2 2024