The numbers say it all: Office occupancy in Melbourne and Sydney fell from more than 90% in 2019, to just above 20% in Melbourne and about 60% in Sydney by mid 2021, according data from the Reserve Bank of Australia. But according to a 2025 report by JLL, global office leasing for all of 2024 was at its highest annual total since 2019. The same report found that office leasing recovery is growing faster in the Asia Pacific, than in Europe or North America, up 23% between 2020 and 2024, compared with the global average of down -12%. And in Sydney, office rental prices have increased 12.6% between 2021 and 2024, making it both an opportunity for landlords and brokers as competition among businesses heats up.
