We are pleased to launch the inaugural edition of the Savills Full Floors Spotlight report, which provides some high-level insights from the Savills Prime Full Floor Availability Report, produced on a regular basis by the Savills Office Leasing team.

The Full Floor Availability Report monitors over 3.9 million square metres of prime grade office space in Sydney CBD and assesses the state leasing market in a different manner to standard vacancy surveys. It shows each premium and A grade building in the city on a floor-by-floor basis highlighting which floors are available for lease, now and in the near future, including those under construction and refurbishment.

Key takeaways from the Savills Full Floors Spotlight report:

• Flight to quality remains evident with the amount of Premium office space available now or within the next 12 months declining by 17.8% over the year to August 2024, while available A grade space increased by 9.4% over the same period.
• Premium market availability fell to 3.4% of total prime NLA in August, down from 4.2% a year earlier.
• Availability in the CBD Core declined by 9.3%y/y, while availability in Midtown and the Western Corridor increased by 13%y/y and 10%y/y respectively.
• The maximum number of Premium contiguous floors available within the next 12 months in the CBD Core is just five, comprising 9,500sqm of office space, while there are five Premium building options in the Core for mandates of 2,500sqm+ of contiguous space.
• Upgrading fit-out and moving to higher quality space remain key factors in tenant decision making. 
• The recently completed Sydney Metro extension will improve connectivity and potentially bolster demand for office space in precincts that directly benefit from these improvements.

Read the Savills Full Floors Spotlight here