Outlook 2023 Australia

NEW SUPPLY (SQM) SYDNEY

NEW SUPPLY

400,000

 More than 205,000 sqm of new and refurbished space has come online in the Sydney CBD over 2022, all of which has been completed by the end of the third quarter.  Salesforce Tower (NLA 54,000 sqm) was the major completion of the third quarter, following the prior completion of Quay Quarter Tower (88,000 sqm) in the second quarter.  Moving forward, supply is expected to be limited in 2023 before a surge in 2024, mainly associated with Metro station developments.

FORECAST

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield