Office Space in Surry Hills
Surry Hills is the largest office market on Sydney's city fringe and the tightest, at 2.7 per cent vacancy. Its rents have more than doubled in a decade. Here is the number, and what it means if you only need a room some of the time.
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What an office costs in Surry Hills
Knight Frank's October 2025 City Fringe report puts Surry Hills prime net face rents at $800 to $1,100 per square metre a year — the highest of any fringe submarket — with incentives of 25 to 35 per cent on a gross basis. Net means outgoings sit on top. The scarcity is structural: Surry Hills holds 472,419 square metres of office stock, more than any other fringe market, but only 12 per cent of it is prime grade, and overall vacancy is 2.7 per cent. Over the past decade its net face rents have grown more than 100 per cent, narrowing the discount to the Sydney CBD from 50 per cent in 2017 to 36 per cent. At the small end, the flexible market charges a steep premium for skipping the lease: a 21 square metre external office for up to seven people at 241 Commonwealth Street is listed at $4,900 a month, which is roughly $2,800 per square metre a year.
| Prime net face rent | $800–$1,100 / sqm / year |
| Incentives (gross basis) | 25–35% |
| Overall vacancy | 2.7% |
| Prime share of stock | 12% |
| Private office for 2 (Elizabeth St) | from $1,300 / month |
| 21 sqm serviced office, 7 people | $4,900 / month |
Rents, incentives, vacancy and stock from Knight Frank's Sydney City Fringe Office Market report, October 2025, whose charts are as at July 2025; serviced office rates from Rubberdesk's Surry Hills listings, September 2026. Net face rents exclude outgoings. The $2,800 per square metre figure is our own arithmetic on a listed monthly rate, not a quoted rent, and it is not comparable with a net face rent because the serviced rate includes fitout and outgoings.
Where the offices are
The prime stock is thin and mostly recent: the Brewery Yard, 29-41 Hutchinson Street, and 26 Waterloo Street, which is being refurbished and repositioned. Everything else is the thing Surry Hills is actually made of — converted warehouses and heritage buildings on Commonwealth, Riley, Buckingham, Foster and Elizabeth Streets, with small floorplates and character that tenants here are demonstrably willing to pay for. All of it is a walk from Central, and almost none of it comes with parking.
How much is office space in Surry Hills?
Prime net face rents run $800 to $1,100 per square metre a year with incentives of 25 to 35 per cent, according to Knight Frank's October 2025 City Fringe report — the top of the fringe market. Net excludes outgoings.
Why is Surry Hills office space so tight?
It is the biggest fringe market at 472,419 square metres, but only 12 per cent of that is prime grade and overall vacancy is 2.7 per cent, with prime vacancy under 3 per cent. There is very little new supply coming.
Can I get a Surry Hills office without a lease?
Yes, at a premium — a 21 square metre serviced room is listed at $4,900 a month, about $2,800 per square metre a year. On CoHub you can instead book a private room in an existing Surry Hills business by the hour or the day.
Also in Surry Hills
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