Sydney CBD to see 155,000sqm of new office stock in H2 2024

This will be from three developments slated to complete during the period.

In a report, Colliers revealed there have been no new supply additions across the Sydney CBD office market over the first half of 2024. However, over H2 the first tranche of CBD over station developments will complete across three assets totalling 155,000 sqm. 

These three developments will complete with a healthy commitment rate of 85% with ASX, Ashurst and Natixis committed to 39 Martin Place and BDO, Insignia and PNSW committed to Parkline Place. Macquarie will move into the majority of 1 Elizabeth Street, however, around 6,000 sqm is now available to lease. 

“Looking ahead to 2025, there are only two developments expected to enter stock totalling 46,500 sqm. The largest being the major refurbishment of 33 Alfred Street (31,400 sqm) which has had strong demand from legal tenants and looking to complete with a commitment rate of at least 85%. 2025 is therefore set to record a second year of below long-term average supply levels,” the report said.