And while there has been a contraction, the size of office space leased per square metre is still higher in Melbourne, as revealed in new research by independent corporate office strategists, ResolveXO.
Mastrullo said the Sydney CBD has maintained a consistent pattern of reducing office space over the past three years. Demand for the smaller size categories, specifically those under 1000 square metres, has increased. This has led to a number of older assets sitting empty and the pressure is now on landlords to refurbish their sites to offer smaller, high-end office space to attract tenants.
“While cost implications may play a role in these decisions, the ongoing market dynamics suggest that the flight to quality will gain more consideration as businesses stabilise in the coming years,” she said.
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