Asia Pacific Office Outlook 2024

MELBOURNE

NEW SUPPLY

N EW S U P P LY ( S QM )

 After a surge in prime office supply (310,000 sqm in 2020 and 125,000 sqm in 2021), 2022 and 2023 were comparatively quiet years, with only 98,000 sqm and 81,000 sqm of new stock hitting the market, respectively.  As some projects have been delayed to allow the market to digest existing stock, 2024 and 2025 are expected to be relatively limited in terms of new supply, with only 130,000 sqm scheduled to complete over two years.  Thereafter completions are expected to pick up, as prime office completions are planned to average over 130,000 sqm in each of 2026 and 2027.

160,000

FORECAST

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield