ASIA PACIFIC OUTLOOK 2025

MELBOURNE

NEW SUPPLY

Supply in 2024 remains subdued, with 94,000 sqm of

new stock entering the market, compared to an

average of 121,000 sqm per year over the past two years.

140,000

FORECAST

120,000

The supply pipeline is expected to follow a

100,000

downward trend, with annual additions declining from the highs of 2022-2023. Future completions are forecast to average 70,000 sqm per year until 2028, reflecting the market's focus on absorbing existing stock.

80,000

60,000

40,000

NEW SUPPLY (SQM)

Completions are expected to rebound in 2029, with prime office projects delivering 42,000 sqm of new stock.

20,000

-

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield