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Sublease stock in Sydney CBD hits 10-year high

Sublease office space in Sydney’s CBD has surged to a 10-year high, but COVID-19 hasn’t been the primary cause, according to analysis by commercial agency CBRE.

Sublease stock in Sydney CBD hits 10-year high
Prospective tenants in Sydney's CBD are honing in on fitted out office stock, CBRE says. Photo: Shutterstock

Sublease office space in Sydney’s CBD has surged to a 10-year high, but COVID-19 hasn’t been the primary cause, according to analysis by commercial agency CBRE.

CBRE’s latest Sublease Barometer showed the total sublease space in Sydney increased by nearly 10,000 square metres in the first quarter of 2020, to 82,739sqm.

At the end of Q1 last year, sublease vacancy was 28,706sqm.

CBRE office leasing director Chris Fisher said much of the increas…