2015-12-31-莱坊-Australian_CBD_Office_Supply_and_Development_Activity_Maps_December_2016_8页_5mb

After a brief pause in office completions in 2014, Australia's CBD office supply rebounded in 2015 and continued through 2016, with approximately 506,800m² of new and refurbished stock delivered. This was supported by steady declines in prime yields, which made development feasible, especially for fund-backed projects with strong pre-commitments. The 2016 supply was nearly identical to 2015 levels, averaging about 120,000m² per annum, but was slightly below the 10-year average.

In 2017, new supply peaked at 225,500m², marking a sharp decline of 55% from 2016, helping to cushion weak demand conditions. Cities like Sydney and Melbourne saw significant contributions, with Sydney recording the highest cumulative supply, while Brisbane, Perth, Adelaide, and Canberra had smaller additions. The supply pipeline for 2018 and 2019 remained relatively benign, with minimal new construction in Canberra, focusing instead on refurbishments.

Key trends included a shift towards refurboptions in major cities, driven by upward revisions in rents, which began cooling the market post-2016 peak. The largest developments included projects like Barangaroo in Sydney (e.g., 101,729m² for PWC/HSBC) and various commitments in Brisbane and other cities. Withdrawals of existing office stock also increased, particularly in Brisbane and Sydney, aiding vacancy rates by transitioning spaces to residential or retail uses.

Detailed breakdowns by city highlight Sydney's dominance with major projects like Wynyard Plaza and George Street developments, while Melbourne's pipeline included Barangaroo expansions. Perth and Adelaide had gentler supply growth, and Canberra focused on government-related and residential conversions. Overall, the 2016 report underscores a balanced but cooling market, with pre-commitments from developers indicating cautious optimism for future phases in environmental sustainability and urban renewal.