Post on 01-Jan-2021
Australian office vacancy decreased by 0.7% over the last six months to 8.5%
Australian Vacancy: 1990-2019
2
0%
5%
10%
15%
20%
25%
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
0%
5%
10%
15%
20%
25%
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
Australian CBD Australian Non-CBD
Australian CBD vacancy is lower than that of the Non-CBD
Australian CBD v Non-CBD Vacancy: 1990-2019
3
8.3%
9.1%
Australian CBD and Non-CBD vacancy both decreased due to positive demand
Net Australian CBD and Non-CBD Vacancy Attribution – Six Months to January 2019
Vacancy July 2018 Office Supply Withdrawals Net Tenant Demand Vacancy January 2019
4
9.1%
8.3%
9.2%
1.1% 0.7% -1.2% -0.6%-0.7% -0.2% 9.1%
0%
2%
4%
6%
8%
10%
12%
Australian CBD Australian Non-CBD
Australian CBD v Non-CBD Six Monthly Net Absorption: 1990-2019
For the ninth consecutive period Australia CBD recorded positive demand;Non-CBD demand remains subdued
5
-200,000
-100,000
0
100,000
200,000
300,000
400,000
500,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
sqm
Australian CBD Australian Non-CBD
CBD & Non-CBD Vacancy Rates – January 2019
6
The five markets with the lowest vacancy are either in NSW or VIC
0%
5%
10%
15%
20%
25%
Parr
amat
ta
East
Mel
bour
ne
Mel
bour
ne C
BD
Sydn
ey C
BD
Mac
quar
ie P
ark
Hoba
rt C
BD
Crow
s Nes
t/St
Leo
nard
s
Chat
swoo
d
St K
ilda
Road
Nor
th S
ydne
y
New
cast
le
Wol
long
ong
Sout
hban
k
Canb
erra
Gold
Coa
st
Adel
aide
Frin
ge
Bris
bane
CBD
Adel
aide
CBD
Bris
bane
Frin
ge
Wes
t Per
th
Darw
in C
BD
Pert
h CB
D
Suns
hine
Coa
st
Australian Office Vacancy
Vacancy Change – Six Months to January 2019
7
Three of the five markets with the largest vacancy decreases are capital cities
-6%
-4%
-2%
0%
2%
4%
6%
8%
Darw
in C
BD
Crow
s Nes
t/St
Leo
nard
s
New
cast
le
Bris
bane
CBD
Canb
erra
Wes
t Per
th
St K
ilda
Road
Pert
h CB
D
Mac
quar
ie P
ark
Aust
ralia
n O
ffice
Aust
ralia
n CB
D O
ffice
Wol
long
ong
Sydn
ey C
BD
Adel
aide
CBD
Gold
Coa
st
Mel
bour
ne C
BD
Chat
swoo
d
Aust
ralia
n N
on-C
BD O
ffice
Parr
amat
ta
Bris
bane
Frin
ge
East
Mel
bour
ne
Hoba
rt C
BD
Sout
hban
k
Nor
th S
ydne
y
Adel
aide
Frin
ge
Suns
hine
Coa
st
CBD Vacancy Change – Six Months to January 2019
All capital markets recorded a vacancy decrease over the period,with the exception of Hobart CBD
8
3.6%4.6%
5.8%
12.4%
14.7% 14.7%
21.6%19.4%
3.2%4.1%
5.9%
11.0%
13.0%14.2%
17.2%18.5%
0%
5%
10%
15%
20%
25%
Mel
bour
ne C
BD
Sydn
ey C
BD
Hoba
rt C
BD
Canb
erra
Bris
bane
CBD
Adel
aide
CBD
Darw
in C
BD
Pert
h CB
D
Jul-18 Jan-19
Net CBD Demand – Six Months to January 2019
All capital cities recorded positive demand over the period
9
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
MelbourneCBD
Canberra Brisbane CBD Perth CBD Adelaide CBD Darwin CBD Sydney CBD Hobart CBD
sqm
Historical Average Jan-19
CBD Net Supply & Net Demand (% of stock) – Six Months to January 2019
Melbourne CBD and Hobart CBD were the only capital cities to record positive net supply over the period
10
-4%
-3%
-2%
-1%
0%
1%
2%
3%
Darwin CBD MelbourneCBD
Canberra Brisbane CBD Adelaide CBD Perth CBD Hobart CBD Sydney CBD
Net Supply Rate Net Demand Rate
CBD Vacancy Rate – Prime vs Secondary – January 2019
All capital cities recorded higher vacancy in secondary stock over prime stock
11
0%
5%
10%
15%
20%
25%
30%
35%
MelbourneCBD
Sydney CBD Hobart CBD Canberra Darwin CBD Brisbane CBD Perth CBD Adelaide CBD
Prime Secondary
Australian CBD v Non-CBD Sublease Vacancy: January 1990 to January 2019
Both Australian CBD and Non-CBD sublease vacancy decreasedover the six months to January 2019
12
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
Australian CBD Australian Non-CBD
CBD Sublease Vacancy – Six Months to January 2019
Brisbane CBD was the only capital city to record sublease vacancy higher than its historical average
13
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Darwin CBD Hobart CBD Adelaide CBD MelbourneCBD
Canberra Sydney CBD Perth CBD Brisbane CBD
sqm
Historical Average Jul-18 Jan-19
Australian CBD Six Monthly Gross Supply: January 1990 to January 2022
14
0
100,000
200,000
300,000
400,000
500,000
600,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projected Supply Historical Average
Future Supply of CBD markets (2019-2021)
% of Current Stock 10.5% 4.0% 4.4% 3.2% 5.1% 4.0% 0.7% 0.0%
Pre-Commitment 55.1% 43.7% 0.0% 78.6% 30.3% 0.6% 0.0% 0.0%
Almost 1,000,000sqm of office space will be supplied to the Australian CBD over the next three years; half of which will be supplied to the Melbourne CBD market
15
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
MelbourneCBD
Sydney CBD Brisbane CBD Canberra Adelaide CBD Perth CBD Hobart CBD Darwin CBD
sqm
2019 2020 2021
Net Non-CBD Demand – Six Months to January 2019
Two of the three worst performing markets in terms of net demand are in VIC
16
-10,000
-5,000
0
5,000
10,000
15,000
Bris
bane
Frin
ge
Crow
s Nes
t/St
Leo
nard
s
Suns
hine
Coa
st
Wes
t Per
th
Gold
Coa
st
New
cast
le
Parr
amat
ta
Chat
swoo
d
Wol
long
ong
Adel
aide
Frin
ge
East
Mel
bour
ne
Mac
quar
ie P
ark
St K
ilda
Road
Nor
th S
ydne
y
Sout
hban
k
sqm
Historical Average Jan-19
Australian Non-CBD Six Monthly Gross Supply: January 1990 to January 2022
17
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Capital Cities – Key PointsOffice Market Report January 2019
Sydney CBD Vacancy: January 1990 to January 2019
Sydney CBD recorded its lowest vacancy rate in 11 years
19
0%
5%
10%
15%
20%
25%
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
Historical Average
Net Sydney CBD Vacancy Attribution - Six Months to January 2019
20
Reduction to VacancyAddition to Vacancy
4.6%
4.1%
0.6% -1.1%
0.0%
0%
2%
4%
6%
Vacancy July 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
Melbourne CBD Historical Net Absorption – July 1990 to January 2019
Melbourne CBD recorded more than half a million square metres of positive tenant demand over the past five years
21
-50,000
0
50,000
100,000
150,000
200,000
Jul-9
0Ja
n-91
Jul-9
1Ja
n-92
Jul-9
2Ja
n-93
Jul-9
3Ja
n-94
Jul-9
4Ja
n-95
Jul-9
5Ja
n-96
Jul-9
6Ja
n-97
Jul-9
7Ja
n-98
Jul-9
8Ja
n-99
Jul-9
9Ja
n-00
Jul-0
0Ja
n-01
Jul-0
1Ja
n-02
Jul-0
2Ja
n-03
Jul-0
3Ja
n-04
Jul-0
4Ja
n-05
Jul-0
5Ja
n-06
Jul-0
6Ja
n-07
Jul-0
7Ja
n-08
Jul-0
8Ja
n-09
Jul-0
9Ja
n-10
Jul-1
0Ja
n-11
Jul-1
1Ja
n-12
Jul-1
2Ja
n-13
Jul-1
3Ja
n-14
Jul-1
4Ja
n-15
Jul-1
5Ja
n-16
Jul-1
6Ja
n-17
Jul-1
7Ja
n-18
Jul-1
8Ja
n-19
sqm
Historical Average
Net Melbourne CBD Vacancy Attribution - Six Months to January 2019
22
Reduction to VacancyAddition to Vacancy
3.6%3.2%
2.2% -0.9%
-1.7%
0%
2%
4%
6%
8%
Vacancy July 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
Brisbane CBD Six Monthly Net Absorption & Vacancy – January 1990 to January 2019
23
Brisbane CBD recorded two consecutive periods of positive demand, resulting in decreased vacancy over the six months to January 2019
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
sqm
(%)
6mth Net Absorption (RHS) Vacancy (LHS)
Net Brisbane CBD Vacancy Attribution – Six Months to January 2019
24
Reduction to VacancyAddition to Vacancy
14.7%
13.0%
-0.6%-1.1%
0%
5%
10%
15%
20%
Vacancy July 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
0.0%
Canberra Vacancy – Civic v Non-Civic – January 1990 to January 2019
For the first time in six years, Canberra Non-Civic vacancy is lower than that of the Civic
25
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
Civic Non-Civic
Net Canberra Vacancy Attribution - Six Months to January 2019
26
Reduction to VacancyAddition to Vacancy
12.4%
11.0%
0.5% -0.9%-1.0%
0%
2%
4%
6%
8%
10%
12%
14%
Vacancy July 2018 Additional OfficeSupply
Withdrawals Tenant Demand Vacancy January 2019
Perth CBD Six Monthly Withdrawals – January 1990 to January 2019
Perth CBD withdrew more than 60,000sqm of office stockover the past six months, the highest on record
27
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19
sqm
Historical Average
Net Perth CBD Vacancy Attribution - Six Months to January 2019
28
19.4%18.5%
3.1% -3.6%
-0.4%
0%
5%
10%
15%
20%
25%
Vacancy July 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
Reduction to VacancyAddition to Vacancy
Adelaide CBD Vacancy by Grade – January 2019
More than two thirds of total vacant office stock in Adelaide CBD is concentrated in the A and B Grade segments
29
0
20,000
40,000
60,000
80,000
Premium A Grade B Grade C Grade D Grade
sqm
Net Adelaide CBD Vacancy Attribution - Six Months to January 2019
30
14.7% 14.2%0.0% -0.1% -0.4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Vacancy July 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
Reduction to VacancyAddition to Vacancy
Hobart CBD Vacancy by Grade – 12 Months to January 2019
31
2.9%
10.7%9.8%
7.4%
4.9%
9.1%
6.0% 6.1%
0%
5%
10%
15%
A Grade B Grade C Grade D Grade
Jan-18 Jan-19
Vacancy only increased in the A Grade segment over the year to January 2019
Net Hobart CBD Vacancy Attribution - 12 Months to January 2019
32
5.8%5.9%0.4% 0.0% -0.3%
0%
1%
2%
3%
4%
5%
6%
7%
Vacancy January 2018 Additional Office Supply Withdrawals Tenant Demand Vacancy January 2019
Reduction to VacancyAddition to Vacancy
Darwin CBD Vacancy by Grade – 12 Months to January 2019
33
21.6%
14.6%
29.4%
50.4%
17.2%
8.1%
27.4%
54.8%
0%
10%
20%
30%
40%
50%
60%
Total Market A Grade B Grade C Grade
Jan-18 Jan-19
The overall vacancy decrease was primarily driven by A Grade stock
Net Darwin CBD Vacancy Attribution - 12 Months to January 2019
34
21.6%
17.2%
0.0% -2.9%
-1.5%
0%
5%
10%
15%
20%
25%
Vacancy January 2018 Additional OfficeSupply
Withdrawals Tenant Demand Vacancy January 2019
Reduction to VacancyAddition to Vacancy
Future SupplyOffice Market Report January 2019
Sydney CBD Six Monthly Gross Supply: 1990-2022
Major Projects 2019 Q3 60 Martin Place – 38,600 sqm2020 Q1 10 Carrington Street (Wynyard Place) – 58,974 sqm 2020 Q2 388 George Street – 35,000 sqm
36
0
50,000
100,000
150,000
200,000
250,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Melbourne CBD Six Monthly Gross Supply: 1990-2022
Major Projects 2020 Q1 – 311 Spencer Street (VIC Police) – 65,000sqm2020 Q1 – 477 Collins Street (The Olderfleet) – 50,000 sqm2020 Q2 – 130 Lonsdale Street (Wesley Place) – 55,000 sqm2021 Q1 – 405 Bourke Street – 66,000 sqm
37
0
50,000
100,000
150,000
200,000
250,000
300,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Brisbane CBD Six Monthly Gross Supply: 1990-2022
Major Project 2019 Q3 – 300 George Street – 47,700 sqm 2021 Q3 – Midtown Centre – 42,000 sqm
38
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Canberra Six Monthly Gross Supply: 1990-2022
39
Major Projects 2020 Q2 – Dickson Motor Registry – 13,000 sqm 2020 Q4 – Civic Quarter – 15,000 sqm2020 Q4 – Constitution Place – 12,000 sqm2020 Q4 – Block 35 Section 100 (ACT Govt) – 24,000 sqm
0
50,000
100,000
150,000
200,000
250,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
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Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Perth CBD Six Monthly Gross Supply: 1990-2022
Major Project 2019 Q2 – 240 St Georges Terrace – 37,293 sqm2019 Q2 – Central Park – 16,871 sqm
40
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
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Jan-
16Ju
l-16
Jan-
17Ju
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Jan-
18Ju
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Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Adelaide CBD Six Monthly Gross Supply: 1990-2022
Major Project 2019 Q3 – 10 Franklin Street (GPO Tower) – 24,500 sqm2021 Q4 – Festival Plaza – 43,636 sqm
41
0
10,000
20,000
30,000
40,000
50,000
60,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Hobart CBD Six Monthly Gross Supply: 1990-2022
42
0
5,000
10,000
15,000
20,000
25,000
Jan-
90Ju
l-90
Jan-
91Ju
l-91
Jan-
92Ju
l-92
Jan-
93Ju
l-93
Jan-
94Ju
l-94
Jan-
95Ju
l-95
Jan-
96Ju
l-96
Jan-
97Ju
l-97
Jan-
98Ju
l-98
Jan-
99Ju
l-99
Jan-
00Ju
l-00
Jan-
01Ju
l-01
Jan-
02Ju
l-02
Jan-
03Ju
l-03
Jan-
04Ju
l-04
Jan-
05Ju
l-05
Jan-
06Ju
l-06
Jan-
07Ju
l-07
Jan-
08Ju
l-08
Jan-
09Ju
l-09
Jan-
10Ju
l-10
Jan-
11Ju
l-11
Jan-
12Ju
l-12
Jan-
13Ju
l-13
Jan-
14Ju
l-14
Jan-
15Ju
l-15
Jan-
16Ju
l-16
Jan-
17Ju
l-17
Jan-
18Ju
l-18
Jan-
19Ju
l-19
Jan-
20Ju
l-20
Jan-
21Ju
l-21
Jan-
22
sqm
Supply Additions Projection Historical Average
Major Project 2019 Q4 – 36 Argyle Street – 2,562 sqm
Darwin CBD Six Monthly Gross Supply: 1990-2022
43
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Jan-
10
Jan-
11
Jan-
12
Jan-
13
Jan-
14
Jan-
15
Jan-
16
Jan-
17
Jan-
18
Jan-
19
Jan-
20
Jan-
21
Jan-
22
sqm
Supply Additions Projection Historical Average
Disclaimer: While the material contained in this publication is based on information which the Property Council of Australia (including its Directors, officers, employees and agents) understands to be reliable, itsaccuracy and completeness cannot be guaranteed. This publication is general and does not take into account the particular circumstances or needs of any person who may read it. You should obtain independentadvice from suitably qualified consultants and professionals before making any decisions in relation to the contents of this publication. The Property Council of Australia is not liable and accepts no responsibility forany claim, loss or damage of whatever nature suffered by any person or corporation who relies or seeks to rely on any information, advice or opinion contained in this publication, or otherwise given by the PropertyCouncil of Australia. Copyright: This publication is copyright. The Property Council of Australia is the copyright owner. Except as permitted under the Copyright Act 1968 (Cth), no part of this publication may bereproduced, stored in a retrieval system or transmitted in any form or by any means, electronic or otherwise, without the permission of the copyright owner.
John Nguyen – National Research Managerjnguyen@propertycouncil.com.au
Ryan Farrow – Senior Research Analystrfarrow@propertycouncil.com.au
Catherine Chan – Research Analystcchan@propertycouncil.com.au
Chamali De Alwis – Information Analystcdealwis@propertycouncil.com.au
Alissa Baker – Information Analystabaker@propertycouncil.com.au
Anna Brown – Information Analystabrown@propertycouncil.com.au
Kye Beaven – Information Analystkbeaven@propertycouncil.com.au
National Research
TeamOffice Market Report January 2019