Asia Pacific Office Outlook 2024

SYDNEY

NEW SUPPLY

N EW S U P P LY ( S QM )

300,000

FORECAST

 New supply of prime office space was limited to a handful of refurbishments in 2023. This is expected to change markedly in 2024 as the stock of prime office space is forecast to increase by net 270,000 sqm.  1 Elizabeth Street (NLA 72,500 sqm, 100% pre committed) and Parkline Place (48,000 sqm, 60% pre committed) are the two main developments scheduled to complete.  Moving forward, supply is expected to be limited in 2025 and 2026 allowing the market some time to digest this new office stock.

250,000

200,000

150,000

100,000

50,000

0

2021

2022

2023F

2024F

2025F

2026F

2027F

(50,000)

Source: Cushman & Wakefield