Melbourne CBD Office Market
Key metrics and trends for the Melbourne CBD (VIC) office market.
Vacancy Rate
15.2%
Stable
Avg Net Face Rent
$600
$420 – $850 /sqm/yr
Avg Incentive
38.0%
32.0% – 45.0%
Market Sentiment
Tenant Favoured
Effective Rent
Low
$270
Average
$380
High
$580
Vacancy Rate History
3.4%2019
8.8%2020
12.3%2021
14.1%2022
16.2%2023
15.8%2024
15.2%2025
Supply Pipeline
210,000 sqm
Under construction, expected completion 2027
Major projects:
- Collins Arch East (48,000 sqm)
- 555 Collins Street (65,000 sqm)
- Nauru House Redevelopment (38,000 sqm)
Last updated: 2025-06-30
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