Report | Evolving Workforces

Australian Office Sublease Barometer March 2025

May 7, 2025 12 Minute Read

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  • National sublease volumes decreased over Q1 2025, falling to 176,320 sqm.
  • Declines in sublease volumes continued to be driven by a combination of recovering leasing activity and the withdrawal of listings.
  • The market to see the largest reductions this quarter was Sydney, where sublease volumes declined to 64,561 sqm.
  • The Tech, Media, & Telecommunications, Professional Services, and Finance & Insurance sectors remained the largest contributors to sublease availabilities in Q1 2025. These sectors account for 60.0% of sublease volumes this quarter.
  • Very few new large listings were brought to market in the first quarter. The reduction in large listings has resulted in the average size of subleases falling to 1,346 sqm in Q1 2025.