01 STATE OF PLAY
CUSHMAN & WAKEFIELD | 9
AUSTRALIA'S OCCUPIER MARKET OUTLOOK
THE OCCUPIER MARKET IN FOUR CHARTS Leasing, net absorption, vacancy and rents across the national market to Q3 2026.
Leasing remains active, but pre-lease demand is subdued National gross take-up by lease type (sqm millions)*
Sydney and Brisbane lead net absorption; Melbourne remains weak YTD 2026 net absorption by city (000 sqm)
400
0.0 1.0 2.0 3.0 4.0 5.0
315
304
300
200
100
100
46
2
2020
2021
2022
2023
2024
2025
2026*
0
Sydney
Melbourne
Brisbane
Adelaide
Perth
Existing
Speculative
Pre-lease
Availability has risen, although it is highly bifurcated by market and size Vacancy rate by city, Q3 2026 vs 15-year average
Rental growth has slowed as occupiers digest a 90% increase since 2019 National prime weighted net face rent ($/sqm)
$240
0% 1% 2% 3% 4% 5% 6% 7%
$204 $207
$197
$185
$200
$151
$160
$124
$112
$110
$120
Sydney
Melbourne
Brisbane
Perth
Adelaide
National
$80
2019
2020 2021
2022
2023
2024 2025
2026
Q3 2026
15-year average
Source: Cushman & Wakefield Research. *2026 data is to Q3 2026.
Powered by FlippingBook