The Commonwealth Bank, Westpac and Telstra are among 19 Australia’s largest companies that have cut their office needs by almost 200,000 square metres in the Sydney CBD since the pandemic, sending vacancy rates sky-high in the country’s biggest market.

Corporate Australia’s retreat has led to an oversupply of office space, gutting rental growth across the market. That, combined with rising interest rates, has ultimately sent valuations of the country’s most expensive commercial real estate tumbling by 20 per cent or more.