The blowout was down to two empty offices in Docklands that account for a combined 57,000 sq m. The two buildings,originally leased by two major banks,NAB and ANZ,have been empty for some time,along with other campus-style offices in Docklands.
“Prior to this,sublease levels in Melbourne had been showing signs of stabilising. It’s not anticipated that more large blocks of sublease space will be brought to market in the near term,” CBRE research manager Thomas Biglands said.
NAB long agomoved out of 800 Bourke Street,a colourful and funky campus-style building that heralded the start of the Docklands renewal. It moved into 38 floors of Cbus’ spanking new high-tech 395 Bourke Street tower at the end of 2021 and confirmed it still leased 700 Bourke Street.
Last year,the Department of Home Affairs moved into 26,000 sq m at 808 Collins Street. Investment advisors Insignia have about 10,000 sq m at No. 800 but it’s understood a further 25,000 sq m is available in the building.
ANZ,meanwhile,remains in its headquarters at 833 Collins Street,but there is a further 22,000 sq m up for grabs as sublease space in the building next door at 839 which the bank has vacated.
However,return-to-work mandates have reportedly resulted in more staff coming back into the office and the space could come back off the market.
The Property Council of Australia’s latest office occupancy figures show much improved numbers as staff return from holidays:Melbourne is up to 47 per cent from 41 per cent in September and Sydney has bounced to 61 per cent from 52 per cent.