Australia

Net absorption hit 3,500sqm in Q4 2024.

Thanks to large tenant movements from various industries.

61% of renters faced multiple rent hikes in two years.

Brisbane saw the fastest rental growth rate of 11.8%.

It recorded the strongest net absorption at 16,300sqm.

Foreign investors accounted for 56% of investments in the year to October.

West Melbourne saw a higher take-up in 2024 compared to a year ago.

Deal volume already surged 54% YoY to AU$4.8b over the year to October 2024.

Leasing demand has been strong despite a subdued growth in retail spending.

Analysts believe there are positive signs for the year.

Sydney and Melbourne, in particular.

A total of 22,500sqm of new retail space entered the market in Q3.

Space rationalisation is likely to continue.

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.

These projects will yield over 111,00sqm of new stock.

It was a deal worth AUD420 million.