Dexus, a fund manager and owner of commercial property, including prime CBD towers, is hopeful the damaging office downturn is nearing the bottom after booking a whopping $1.58 billion statutory loss for its 2024 full year.

Driving Dexus into the red, at least on paper, was the hefty $1.9 billion devaluation, a 12.9 per cent fall, in the worth of its overall portfolio, which is dominated by office assets.