Melbourne Office Market Dynamics Q1 2026

Headline vacancy remained elevated across all three markets in Q1 2026. The CBD, Fringe and S.E.S markets each recorded negativenet absorption during the quarter.

The Melbourne CBD recorded one project reaching completion over Q1 2026, delivering 45,000 sq.m. In the Fringe market, one project completed totalling 12,100 sq.m., while no completions were recorded in the S.E.S market. The CBD pipeline remains limited in the near-term, with additional supply scheduled for delivery from the Fringe market through late 2027.