Newsletter
April, 2026
Instead of a slow unwind, we’re watching premium office space get picked off by organisations willing to move early and move properly. Big floors are being spoken for. Prime buildings are tightening. And the occupiers still “waiting for clarity” may soon discover that clarity comes with fewer options and worse terms.
That may sound dramatic for a newsletter sent on April Fool’s Day. It would be funnier if it weren’t true.
No new completions in 2026.
Premium vacancy already tightening.
Major tenants are committing early.
We looked for the punchline. There isn’t one.
There’s usually one moment that shifts a market from “we’ll see” to “we should probably do something.” Sydney is at that point now. Premium floors are being locked in. Decisive occupiers are committing. And the tenants who keep delaying are quietly narrowing their own options.
Because that’s how this works: nobody panics while there’s still one great option left. They panic the moment it’s gone.
| Company | Market move | Location |
|---|---|---|
| TPG Telecom | 9,248 sqm — relocated from North Sydney to International Tower 2, Barangaroo | Sydney |
| WPP | 10,000 sqm pre-committed at 1 Shelley Street — premium space rewards early action | Sydney |
| Commonwealth Bank | Anchoring 435 Bourke Street — 60,000+ sqm setting tone for the next cycle | Melbourne |
| Herbert Smith Freehills | Pre-committed to 360 Queen Street alongside BDO — premium demand is not waiting politely | Brisbane |
This isn’t a broad-based office revival. It’s more selective than that. Tenants are not rushing to take any space. They’re rushing to take the right space — and leaving the rest to sit there wondering what went wrong.
The gap between premium and secondary stock is no longer subtle. One attracts talent, supports attendance, and sends the right signal to clients. The other still has fluorescent lighting and a landlord brochure full of the word “potential”.
“Tenants seeking premium space within the 2026–2028 window need to act swiftly. Delaying could mean missing out on optimal floorplates and the most desirable locations.”
There are now two types of occupiers in the market:
If your lease expires before 2028, this is the part where “we’ve got time” stops being strategy and starts becoming expensive optimism.
The organisations moving now are not being aggressive. They’re being realistic.
Everyone else may soon be negotiating from the corporate real estate equivalent of the bargain bin.
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