Sydney Leasing Market -2023 Wrap Up & 2024 Outlook.

The MMJ Sydney Leasing Team have had a busy end to 2023, executing a number of leasing transactions in Sydney CBD and Fringe locations in Q4 2023, including a diverse mix of office, educational and industrial premises.

MMJ’s tenant advisory has been particular active throughout 2023, assisting several businesses to expand or relocate their commercial premises and agree favourable commercial terms. These clients have predominately been office occupiers relocating within Syndey CBD, to more prominent locations and higher-grade buildings. But has also included clients expanding their industrial requirements, leisure and hospitality, as well as educational providers seeking 9b premises across Greater Sydney.

With a limited supply of 9b approved educational premises across Sydney CBD and Fringe, MMJ Syndey have been active in keeping a finger on the pulse to find and secure new and off market opportunities, for a number of educational clients, as well as coordinating tenants and landlords to push through 9b council approvals for premises formally used as offices. With colleges continuing to expand and create new entities, combined with limited supply, MMJ envisage 2024 will continue to see high activity and demand in the educational market.

The office market has been picking up with a high volume of office leasing transactions of sub 500 sqm premises concluded in 2023. With many tenants capitalising on favourable market conditions (high vacancy rates combined with high landlord incentives), the Flight to Quality trend will continue in 2024, as tenants seize opportunities to secure prominent CBD locations and quality premises, on favourable commercial terms.

MMJ have a number of new office and retail leasing opportunities coming to the market in 2024, including a 474sqm fitted and furnished level at 22 Market St, Sydney. We look forward to bringing such opportunities to the market and continuing to service our tenant advisory clients to capitalise on the favourable market conditions for tenants, that will continue to be present in 2024.

If you are a landlord looking to re-position your asset or a tenant searching for your next commercial premises, get in touch today with our sales and leasing team for expert one on one advice.