Australian Sublease Barometer September 2024

Key Points: 

• National sublease volumes decreased over Q3 2024, falling to 200,304 sqm.
• The declines recorded in Q3 2024 were driven primarily by a reduction in sublease listings in Melbourne and, at a smaller scale, Brisbane. Sublease volumes in Melbourne declined by 44,638 sqm (-34.3%) over Q3 2024, while volumes in Brisbane declined by 3,902 sqm (-21.8%).
• The Finance & Insurance and Technology, Media & Telecommunications sectors remained the largest contributors to sublease availabilities in Q3 2024. Volumes in each of these sectors declined in the third quarter.
• New listings by large corporate occupiers continued to slow in Q3 2024. The reduction in large listings on the market has resulted in the average size of subleases declining to 1,565 sqm. This marked a quarter-over-quarter decline of -26.5%.