Welcome to the latest Savills Office Market Quarter Time

This report covers Australia’s office markets including a national market overview, key indicators, sales & leasing metrics as well as covering key office market indicators.

Key Highlights:
Enforced lockdowns and working from home continue to delay occupation deals from progressing as businesses review their operational strategies. Most markets observed a substantial fall in demand as a result of the coronavirus pandemic, with the majority of the CBD’s recording negative net absorption. Following a year of record highs in 2019, office transaction volumes fell drastically with some pending sales not proceeding and other properties not being brought to the market as expected following the uncertainty that surrounded office values over the year. The 12 months to March 2021 saw $10.86 billion of office transactions nationally ($5m+), which was a 55% decrease on the $24 billion in the previous 12 months. Positively, transaction volumes have picked up in the last two quarters as workers begin to return to the CBD’s and sentiment around the asset class starts to lift.

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