Demand for Melbourne office space on the rise

Demand for office space in Melbourne has rebounded in the second half of 2021, with net absorption jumping by 45,560 sqm according to Knight Frank.

The sharp increase was driven by financial services, professional services, and public administration, making up a combined 92 per cent of take-up in 2021.

The finance and insurance industries accounted for just over half of office take-up in the CBD in 2021.

Demand for the prime market is particularly high according to Knight Frank, with net absorption rising by 51,253 sqm and 3,501 sqm in the A grade and premium segments.