Market Pulse CBD June-26 pages - Flipbook - Page 7
Market Pulse June 2026
Supply
There is currently 5.39mil sqm of office space in the Sydney CBD, the highest total the market has seen.
However, the last major office project (new or full refurbishment) to be completed was 270 Pitt Street
(22,669sqm) in Q3 2025.
Three major developments totaling 171,229sqm (or 3.2% of total stock) are currently under construction
in the CBD. These comprise Atlassian Central (57,500sqm NLA due Q4 2026) in the Southern precinct
followed by 55 Pitt Street (61,604sqm) and Chifley South (52,125sqm), both located in the Core and both
expected to complete in 2027. All three projects will be Premium grade with Atlassian Central to be the
first Premium building in the Southern precinct.
The supply pipeline beyond 2027 is very thin, with no new supply due in 2028 or 2029.
The next completion is likely to be the Halo office tower (approx. 42,000sqm NLA) on the corner of Pitt and
Hunter Streets in the Core by Milligan Group and Cbus Property, who are targetting 2030 to deliver the
project.
Whilst there have been no major stock withdrawals to date over 2026, 175 Liverpool Street (48,321sqm
office NLA) is expected to be withdrawn from the market within the next 6-9 months. Lendlease intends to
develop the site as two luxury residential towers with up to 300 apartments for sale. The withdrawal of 175
Liverpool Street is expected to largely offset the supply addition of Atlassian Central.
Major Office Developments Under Construction
Project
Owner /
Developer
Type
Office
NLA
Precinct
Expected
Completion
Atlassian Central
8-10 Lee Street
Dexus /
Atlassian
New
57,500
Southern
Q4 2026
40-level hybrid timber commercial building,
designed by BVN and SHoP Architects. 100% of
office space pre-committed to Atlassian, with 12
floors (c. 21,500sqm) available for sub-lease.
Chifley South,
2 Chifley Square
Charter Hall
/ GIC
New
52,125
Core
Q2 2027
39-storey tower designed by Bates Smart to
complement existing Chifley North tower.
Approx. 56% pre-committed to UBS, Gilbert +
Tobin and Charter Hall.
55 Pitt Street
Mitsui
Fudosan /
Mirvac
New
61,604
Core
Q4 2027
55-level tower designed by Woods Bagot
and SHoP Architects. 44% pre-committed to
MinterEllison, Work Club Global, Aon, Baker
McKenzie and others.
7 | cadigal.com.au
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