ASIA PACIFIC OUTLOOK 2025

SYDNEY

DEMAND & VACANCY

2024 marked a rebound in net absorption, reaching 30,000 sqm after recording negative absorption in 2023.

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

100,000

FORECAST

New completions in 2024 and 2025 are anticipated to temporarily increase vacancy rates. However, with subdued additions to supply, vacancy rates are expected to stabilise in the coming years, supported by steadily improving net absorption, projected to reach around 80,000 sqm by 2029. Resilient employment growth is projected to sustain steady demand for office space in the Sydney CBD.

80,000

60,000

40,000

20,000

0.0% 2.0% 4.0% 6.0% 8.0%

-

-20,000

-40,000

-60,000

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