Office

"Summer sees an uptick in activity as take-up, under-offers, and active requirements are all on the rise"

"July sees highest monthly take-up since before the pandemic"

"Record July as flight to quality intensifies"

"Q2 take-up figures up marginally on previous quarter, whilst requirements and under offers continue to rise"

"Take-up reaches 1.2m sq ft while supply continues to fall and prime rents remain stable"

"The GBA Grade A office market appeared to be on its way to recovery in 1H/2021. Many market players were increasingly confident with rental decreases slowing (down just 1.6% half-onhalf(HoH)), and prices once again rising (up 0.2% HoH)."

"The Office sector has proven to be resilient through the pandemic. Capital values have remained unchanged the last 12 months, a reflection of how Australia handled the COVID-19 pandemic generally, which ultimately increased investor confidence in the office sector."

"COVID-19 has taken its toll on regional markets, with many seeing weakening rents and rising vacancy. That said, the expedited vaccination rollout should help spark an economic recovery later this year and increase demand for office space. For now, the prospects for each region will depend on demand and supply fundamentals."

"Non-prime areas have led the overall market contraction this quarter despite the continued stability of prime assets. Even so, with hopes that the expedited vaccine rollout will fuel the recovery in corporate performance later this year, things should look brighter for the offi ce market. Furthermore, limited supply until late 2022 will provide some breathing space."

"Rental declines are expected to be mild over the remainder of 2021 before the supply challenges of 2022 and 2023. "