Strata office sales fall 15.6% HoH to $437.3m in H1
The average unit price for strata office properties also fell, dropping 20.1%
Strata office sales activity slowed in H1 2024, with volume declining 15.6% HoH to $437.3m and transactions falling to 154.
In the same period, the market saw a 20.1% HoH drop in average unit price to $2,740 psf.
According to Knight Frank, the Downtown Core Planning Area had the most strata office transactions and the highest total sales value in H1, with 47 transactions totalling $190.1m.
Huttons added that the area saw a 258,000-square-foot increase in office space take-up in Q2.
In H2 2024, Huttons expects growth in demand for office space.
"Some MNCs may have to move to a “green” building to meet the ESG mandate from their headquarters while others may take the opportunity to move to a better-quality building," Huttons said.
Knight Frank, for its part, said the market could probably chalk up a total transaction value of $1.0b for the whole of 2024. –
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