Australian Flexible Office Space Report July 2024
The Rubberdesk Flexible Office Space Report examines actual flex office availability and pricing as well as trends in Australia.
See our latest Q3, 2025 Australian Flex Market Report for our most up to date analysis on the Australian flexible office market.
With changing trends in in the Australian workplace, our report covers flexible office availability and pricing across key markets in Australia.
We have observed cheaper flex office rates combined with a reduction in availability; a signal that demand from tenants has softened and born out from conversations with Operators around the country. Tenants that are able to move now are in a position to lock in low office rates for the next 12 months in premium locations.
Jim Groves, CEO
Challenging Markets Drags Desk Rates Down
After two years of solid price growth, median Flex Office rates fell 3.3% in the past quarter to $665 per desk per month nationally. This price drop came despite supply of flexible office space falling for a 4th consecutive quarter, 4.2% in Q2 to 146,855 sqm, indicative of soft demand amongst the broader office market.
Canberra led the market with the largest price fall, down 7.4% to $500 per desk followed by Sydney and Melbourne which dropped 6.2% and 4.5% respectively to $938 and $745 per desk. Perth also saw it's first small price decrease in over a year, down 1.4% to $690 per desk while Brisbane & Adelaide remained flat at $600 per desk.
Although prices fell across all office sizes, desk rates for enterprise offices of 50 or more people fell the steepest, 15% to $668 per desk representing more opportunity for larger businesses to find their ideal space.
Source: Rubberdesk June 2024
Sydney CBD Flex Office Rates Down 6.2%
The 15.1% quarterly drop in Sydney's available Flex Office space coincides with median office rates falling 6.2% to $938 per desk per month. We attribute falling prices during a period of reducing supply, to softening demand for office space in the CBD.
While location, building quality and amenities continue to drive the conversation in the CBD, prices in the outer suburbs continue to drive value with North Sydney office space falling 7.7% to $574 per desk while Darlinghurst and Surrey Hills each fell 1% to $860 and $750 desk respectively. Outside the CBD, desk rates in Parramatta fell the most, down 7.6% to $670 per desk.
Desk rates for mid-sized offices accommodating teams of 11 to 15 saw the largest fall in prices, down 8% to $1000 per desk while larger offices for teams of 26-50 declined 5% to $850 per desk. As the most in demand, office size, rates for teams of 5 to 10 remain highly valued at $979 per desk representing a 7% fall from last quarter.
What's New: Liberty Flexible Workspaces will open a 6-floor, 2000 sqm North Sydney location in Dexus’s 56 Berry Street in August a 1300 sqm facility at 558 Pacific Highway in St Leonards in November.
Start your search for office space in Sydney today.
Source: Rubberdesk June 2024
Desk Rates in Melbourne Cool 4.5% QoQ
A 10% increase in new supply in the last month to 35,095 sqm added to downward pressure on desk rates, helping to drive down prices from their all time highs to $745 per desk across Melbourne.
While desk rates fell across most suburbs of Melbourne, Richmond bucked the trend increasing 5% to $850 per desk in Q2. Collingwood, Docklands and St Kilda remained unchanged while the Melbourne CBD, South Melbourne and Southbank all helped to drag the median desk rate down with the CBD leading the way with a 9% decrease to $708 per desk.
Desk rates for offices of less than 10 staff which makes up 66% of all available offices in Melbourne fell 3% to $735 per desk while larger offices with more breakout space led the market downward with a 16% decrease to a median price of $668 per desk. Offices for midsized teams of 11 to 25 staff continue to attract the higher desk rates at $798 per desk, down 3% from Q1.
What's New: Tank Stream Labs is expanding their successful office space portfolio and will be opening the doors to a new premium office at 440 Collins Street in August.
Search for office space in Melbourne.
Source: Rubberdesk June 2024
Brisbane Supply Bounces Back While Rates Hold Steady
After loosing a third of supply in Q1, new inventory increased 17% in Brisbane to 11,055 sqm. Despite this uptake, desk rates remained unchanged at $600 per desk in Q2. Overall, the Brisbane market remains active with Rubberdesk seeing a 27% increase in activity from the same quarter last year.
With 59% of all inventory, the Brisbane CBD continues to offer the most variety to businesses with desk rates holding steady at $596 per desk. South Brisbane, continues to offer good options with lower rate of $500 per desk, down 11% from a high of $560 per desk in Q1 to $500 per desk today while South Brisbane continues to attract the highest rates at $750 per desk.
Desk rates for larger offices of 26 to 50 staff continue to provide the best value with a price of $534 per desk while micro offices for teams of 2-4 staff attract higher rates of $621 per desk, up 3.5% from Q1. Despite a half percentage drop in rates, offices for teams of 5-10 have grown the most over the past 3 years to $611 per desk.
What's New: Liberty Flexible Workspaces will open a 1500 sqm location in Brisbane CBD at 127 Creek Street in October.
Find the perfect office for your team in Brisbane.
Source: Rubberdesk June 2024
Perth Desk Prices Remain Flat Despite Fall in Supply
Desk rates in Perth remained flat at $700 per desk, despite a 28% drop in inventory to 3,720 sqm since the start of the year.
With 70% of all offices in Perth located in the CBD, it offers the most choice at a premium of $750 per desk. While other suburbs like West Perth, Burswood and Subiaco offer lower rates at $600 per desk and below, selection is limited to offices for teams of 10 or less.
As a smaller market, 89% of all available spaces cater to teams 1-10 staff. Rates for 1-4-person offices fell 6% to $700 per desk while offices for teams of 5-10 people countered the trend rising 3% to $623 per desk.
What's New: Liberty Flexible Workspaces will open a 1700 sqm facility across two floors in the Westralia Square 2 building at 141 St Georges Terrace from August.
Start your search for office space in Perth today.
Source: Rubberdesk June 2024
Adelaide Desk Rates Hold for 2nd Consecutive Quarter
Desk rates across the greater Adelaide held steadfast at $600 per desk for a second consecutive quarter, despite a 19% drop in supply to 2,190 sqm.
With 80% of all available offices located in the Adelaide CBD, options elsewhere are limited, though there are a few offices available in Dulwich, Eastwood and & Prospect.
Desk rates for offices for teams of 1-4 fell 2% to $600 per desk while offices for all other office sizes remained steady.
As a smaller market with limited supply. Adelaide has a strong independent coworking scene with operators such as Spot Coworking, Business Hub, Servcorp, Regus, and Hub Australia.
What's New: IWG's Spaces is set to open a much needed new serviced office in Mawson Lakes in February 2024.
Search for office space in Adelaide.
Source: Rubberdesk June 2024
Canberra Desk Rates Drop Despite Falling Supply
After hitting an all time high in Q1, desk rates across greater Canberra fell 7.4% to $500 per desk in line with the historical average.
Though the Central Business District (CBD) in Canberra provides the most choice it comes at a premium of $730 per desk. Compare this to Symonston and Dickson which continue to provide both value and options at median rate of $450 and $400 per desk respectively.
With 83% of the available space focused on smaller teams of 1-10 people, options for larger teams with over 15 staff are limited.
Despite being a smaller market, Canberra offers a reasonable selection of 17 operators to choose from, including well-known names such as Work Club Global, Hub Australia, Wotso and Servcorp.
Search for the perfect office in Canberra.
Source: Rubberdesk June 2024
Navigation: National | Sydney | Melbourne | Brisbane | Perth | Adelaide | Canberra
Author: Tom Petryshen, VP Growth & Analytics
Methodology
- All prices presented in this report are based on the median rate for a location or office size across an entire month
- Availability is based on the inventory inside the Rubberdesk platform and includes coworking desks and available offices that hosts share with Rubberdesk
- Actual Flex office availability may be higher as not all hosts share 100% of their unoccupied office space with Rubberdesk
About Rubberdesk
Rubberdesk is Australia’s flexible office marketplace with thousands of fully furnished serviced offices and coworking desks ready for you to move in and rent by the month or year. Our proprietary platform combined with industry insights from our office specialists helps you find the best office for your needs.
With a view across all available options, we simplify the process to create a bespoke shortlist, arrange tours and negotiate the best deals. All for free and without obligation.
As well as being the proud partner of Cadigal Rubberdesk provides Flex Powered by Rubberdesk for commercial agents across Australia.
Rubberdesk also operates in the UK and Ireland.
Media Information
For further information, images, and interview requests, please contact Jim Groves at Rubberdesk:
- E: [email protected]
- T: 1300433757
Our Price Guides
- Australian Office Space Guide
- Sydney Office Space Guide
- Melbourne Office Space Guide
- Brisbane Office Space Guide
- Perth Office Space Guide
- Adelaide Office Space Guide
- Canberra Office Space Guide
