Australian Office Sublease Barometer March 2024

Key points:

• National sublease volumes declined over Q1 2024, falling to 262,200 sqm. This figure represented a 3-month decline of 33,400 sqm (11.3%).
• The greatest declines observed over the first quarter occurred in Sydney and Melbourne. Sublease volumes in Sydney declined by 40,300 sqm (31.0%) over Q1 2024, while volumes in Melbourne declined by 2,600 sqm (1.7%).
• The Finance & Insurance and Technology, Media & Telecommunications sectors remained the largest contributors to sublease availabilities in Q1 2024. These sectors accounted for a combined 73.1% of the national total as of period end.
• Within these sectors, the Banking and Telecommunications sub-industries have continued to account for the greatest share of sublease activity across the country.