A trend decline in leased space per employee, combined with some large additions to office space across Australia’s major office markets over the past two years, has meant a large increase in office vacancy. And there will still be a reasonable amount of new space added over 2024/25, pushing vacancy a bit higher. As a result, new office building will go into a substantial decline – reaching a low point by 2027.

Please see our new report, ‘Office Market Outlook’ for more detailed information and forecasts.