Research from Cushman & Wakefield reveals that Sydney prime CBD office rents declined by 3% in the June quarter to be at $665 a square metre. This represents a fall of 24% on a net effective basis since the beginning of 2020.
By comparison, Melbourne prime CBD office rents were at $380 per square metre at the end of the June quarter, having been $455 a square metre in March 2020. Whereas Brisbane prime CBD office rents were stable in the June quarter after declining sharply the prior quarter:
“I think we’re getting close to a bottom” [said Cushman & Wakefield’s head of research John Sears]…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
