Office deal activity increased during the second quarter of this year by 60 per cent from the same time in 2023 as more buyers expect values are close to bottoming out, but transactions are still well below pre-pandemic levels due to drawn-out negotiations and a harder market for capital raising.

Among deals between April and June were Quintessential’s purchase of Brisbane’s 240 Queen Street for $250 million and Mirvac’s sales of 367 Collins Street in Melbourne, 40 Miller Street, North Sydney, and 255 George St, Sydney, for a combined $849 million.