ASIA PACIFIC OUTLOOK 2025

MELBOURNE

DEMAND & VACANCY

Prime net absorption is anticipated to rebound to positive territory in 2024, recovering from significant negative absorption in 2023,

10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

100,000

FORECAST

though growth remains modest at 7,900 sqm.

80,000

60,000

As supply declines and the market steadily absorbs existing stock, net absorption is projected to improve gradually over the next five years, reaching 92,000 sqm by 2029. While new supply completions may limit reductions in vacancy, steady demand is anticipated to exert downward pressure on

40,000

20,000

0.0% 2.0% 4.0% 6.0% 8.0%

-

-20,000

-40,000

-60,000

vacancy rates in the foreseeable future.

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

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield