Office Market Report
According to new research by Cushman and Wakefield, the CBD office market has continued its recovery, though tenants maintained the upper hand in negotiations. The flight to quality remained at the forefront of relocation strategies as tenants took advantage of attractive rents and incentives offered across the prime market. Tenants have become more proactive and have initiated leasing option discussions further out from their current expiry. Equally, landlords were keen to secure or retain tenants in a high vacancy market. In tyerms of rent, the average gross effective rents increased 1.9% year on year to $446/m2.