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Property Council Chief Executive Mike Zorbas said over 220,000sqm of new supply was added to our cities in the last six months, just below the historical average of over 237,000sqm.

“We have continued to see the supply of new office space above or near the historical average, providing access to a wealth of new, high-quality office space in our cities,” Mr Zorbas said.

“Vacancy levels continue to be driven by this large level of supply, as demand has remained positive.

“Over the last three and a half years, positive demand for office space in our CBDs has been recorded in five of the last seven reporting periods. Sydney, Perth, Adelaide and Canberra saw positive demand for office space above their historical averages in the last six months.

“High levels of supply show that businesses still call our CBDs home as they balance flexible working arrangements with face-to-face contact in the office.”- January 2025

Mike Zorbas
Chief Executive, Property Council of Australia

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