Dr. Dominic Brown, Head of International Research at Cushman & Wakefield, provided an insightful analysis of the numbers, with office vacancy rates in Sydney CBD remaining relatively stable despite challenging market conditions, and a positive five-year outlook, where increasing employment and population figures will support the new stock that will have come onto the market. The story is more complicated in the non-CBD office markets (including Parramatta), which has seen some of the largest vacancy increases nationally.
Dominic chaired a panel who echoed his optimistic sentiment. Panellists noted that compared to the international office market, Australia is faring well. The panel highlighted opportunities to work in partnership with tenants to realise ESG and workforce goals, and the important role of placemaking in creating vibrant and viable office developments. The ‘flight to quality’ is also continuing, with strong demand for premium and A Grade options.
An enormous thank you to our sponsor Brookfield Properties for their continued support of this event.
We would also like to thank our presenter and panel members:
Dr. Dominic Brown, Head of International Research, Cushman & Wakefield
Lolita Southwell, Senior Asset Manager, Brookfield Properties Australia Pty Ltd
Amanda Steele, Group Executive, Head of Property, ISPT
Michelle Dance, Fund Manager, Cromwell Property Group
Peter Menegazzo, Chief Executive Officer, Investa
The Office Market Report is now available here.