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Office Marketbeats Q2 2018

Marketbeats Office

Cushman & Wakefield is pleased to present the Australian Office MarketBeat report series which for the first time, covers Sydney, Melbourne and Brisbane fringe/metro markets, in addition to CBD markets.

Executive SummarY

Melbourne's CBD led office rental growth in Q2 2018 as landlord favourable conditions persisted. Sydney and Brisbane each recorded stable rental conditions over the quarter.

Sydney CBDLandlords of speculatively fitted out suites were found to be offering no additional incentives beyond the new fit out. As such, suites with existing fit outs have experienced strong demand.

Metro Sydney - Fringe markets are experiencing strong tenant demand. Surry Hills and Pyrmont in particular are drawing attention from tech firms looking to attract and retain talent.

Melbourne CBDStrong rental growth continued for Melbourne's CBD, and despite several new buildings scheduled for completion this year, vacancy is forecast to decline below 4%.

Melbourne Fringe - In addition to low CBD vacancy, limited new supply in the St Kilda Road and Southbank markets is expected to catalyse additional rental growth.

Brisbane CBD – flight to quality continued with several new leases signed for Prime grade stock.

Brisbane Fringepositive near term outlook with expected population growth, low unemployment rate and the light rail construction work. 

To discuss these reports with our team, please feel free to reach out by contacting Dominic Brown