Office | Fitout | 6 min read

Navigating the Sydney Corporate Real Estate Market in 2024


Refurbish or Relocate?
Authors: Meryl Pearse, Alex Mercer, Megan Greig

In the rapidly evolving landscape of corporate real estate, the burning question for businesses in 2024 is whether to stay put or seek greener pastures elsewhere. With lease expiries looming, proactive engagement with landlords becomes imperative to unearth opportunities that align with your business objectives.

Market Dynamics and Tenant Advantages

The current market conditions in Sydney's CBD present a favourable climate for tenants. Landlords are offering shorter lease terms, adaptable workspaces, and enticing incentives to retain existing tenants or attract new ones. This competitive environment gives tenants the upper hand in negotiations, with incentives such as rental rebates of up to 50%, rent-free periods, and contributions towards fit-out enhancements on the table. 

Sydney office interior design 

The Australia Office Outlook 2024, as projected by Cushman & Wakefield, offers insights into key office metrics across Brisbane, Melbourne, Perth, and Sydney CBDs. Notably, while employment growth has yet to manifest in occupancy rates, there is evidence of demand building up in select markets. Additionally, the momentum of rental growth persists, fuelled by a preference for quality spaces. However, incentives are anticipated to remain elevated due to the influx of new supply in certain areas.

Strategic Considerations: Refurbish vs. Relocate

Amidst the refurbish or relocate dilemma, refurbishing existing spaces can yield remarkable outcomes. Proactive engagement and strategic decision-making are essential in navigating lease expiries successfully. Amicus offers access to a team of experienced workplace specialists poised to optimise office spaces for maximum impact. Our expertise extends to providing tailored consultations and tangible examples of past successes through relevant case studies.

Join us for a complimentary breakfast and tour of the newly refurbished Amicus office, including a state of the art office technology demo, at Bulletin Place, Circular Quay - Register your interest

a sydney office refurbishment

The Shift to Quality and Tenant-centric Initiatives

Landlords are going the extra mile to entice prospective tenants with speculative fit-outs and turnkey solutions tailored to meet the evolving needs of businesses.  
Recent projects completed by Amicus exemplify landlords' commitment to providing quality workspaces conducive to tenant success.

Office Space Dynamics and Talent Retention

While agile work arrangements continue to gain traction, the importance of quality office spaces cannot be understated. The office serves as a hub for creativity, innovation, and team cohesion, making it a critical factor in talent attraction and retention strategies. Recognising these nuances, Amicus offers access to a team of seasoned workplace strategy specialists dedicated to working with companies to optimise office spaces to inspire and empower teams.

Seizing Opportunities with Strategic Guidance

Being proactive about your lease and office situation lets businesses grab the chances that come with leases ending. By planning ahead and making the most of incentives, what may seem hard at first can actually help businesses grow and come up with new ideas.

Amicus Sydney office design


Amicus stands ready to support businesses in navigating the complexities of the corporate real estate landscape with confidence and success. With talent shortages at a 10-year high, organisations must prioritise creating environments that foster employee well-being and productivity. By leveraging market intelligence and strategic guidance, businesses can optimise their corporate real estate portfolios to achieve their organisational goals in 2024 and beyond.

Want to know how we can help with your upcoming lease expiry? Head to our Office Spaces page.

About Meryl

Meryl Pearse at Amicus

Meryl is a people person with a background in Architecture which gives her a great blend of knowledge and communication skills that are perfect for her role at Amicus. Meryl is currently wearing 2 hats for Amicus; she is a Business Development Manager that’s focusee4d on growing the NSW part of the Amicus Group, particularly in the Workplace Strategy, Design & Build and Technology sectors. Meryl has been a dedicated Account Manager at Amicus for over 7 years.

Click here to connect with Meryl.

About Alex

Alex Mercer of Amicus


Having worked at Amicus for close to a decade, Alex brings a wealth of experience in project management and direct client interaction. Her approach ensures that your project will be delivered with exceptional service, tailored to meet your specific needs.

Click here to connect with Alex.

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