NSW Office Market Report 2024

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Data from the latest bi-annual Property Council of Australia Office Market Report shows the property sector has reason to remain optimistic about the office market in NSW, despite a slight increase in Sydney CBD office vacancies to 12.2 per cent — up from 11.5 per cent in July 2023.

Interestingly, Sydney and Adelaide were the only two capital cities to record higher rates of vacancy among their premium office stock, which runs contrary to the overall flight to quality that was seen on a national scale. But the story for our supply pipeline is inarguably strong: Sydney CBD is set to receive almost 250,000 square metres of additional floor space between 2025 and 2026, with 51.5 per cent of the supply coming online over the next three years already pre-committed.

With industry leaning in to revitalise our CBDs, it’s time for governments to work alongside business to bring workers back to NSW CBDs. Not only do we want to create renewed office buildings, we need investment in the areas around our premium office buildings to create and maintain great places where people want to spend their time.