Sydney new office supply to just average 50,000sqm annually until 2029

The market will have time to absorb the existing supply.

According to data from Cushman and Wakefield, in 2024, the Sydney market saw an addition of 176,000 sqm of new office space, primarily from the completion of the North Tower and South Tower at Metro Martin, which are largely pre-committed.

Another notable contribution came from the 48,000 sqm Parkline Place.

Here’s more from Cushman and Wakefield:

In 2025, an additional 121,000 sqm is expected, driven largely by major refurbishments in the City Core area.

Beyond 2025, the supply pipeline is projected to remain modest, providing the market with time to absorb the influx of new office stock.

Between 2026 and 2029, net supply is projected to total just 200,000 sqm, averaging 50,000 sqm per year.