Sublease availabilities are subsiding across most markets, with national sublease space declining by 9.4% q-o-q to 344,000 square metres in Q3, the lowest level since the peak in January 2021. This is a result of new additions easing, a number of major withdrawals, and an uptick in sublease transactions.


Both Perth and Adelaide recorded their lowest sublease availability levels since before the pandemic, while Brisbane also saw availabilities decrease to the lowest point since August 2020.


Despite being heavily impacted by extended restrictions throughout Q3, both Sydney and Melbourne recorded q-o-q declines in sublease space, experiencing 20.6% and 1.6% respectively. Melbourne’s sublease market remains very fluid with availabilities fluctuating as a result of leases and withdrawals being mitigated by larger additions over 2,000 square metres.