Australia’s office property market continues to adjust to changing workplace patterns, higher financing costs and evolving tenant requirements. GPT Group (ASX:GPT), Dexus (ASX:DXS) and Mirvac Group (ASX:MGR) each have exposure to office assets, but their Business models create different levels of sensitivity to office demand.

GPT operates a diversified property platform spanning retail, office, logistics and Investment management. Dexus has historically maintained a larger exposure to office Assets through its property ownership and funds management operations. Mirvac combines commercial property with residential development and build-to-rent activities.

Their latest company updates highlight that office performance is increasingly influenced by asset quality, leasing activity, tenant Demand and portfolio diversification.

GPT Group (ASX:GPT): Diversified Property Exposure

GPT Group (ASX:GPT) is a diversified real estate group with investments across retail, office, logistics and other property sectors. The company also manages assets on behalf of external investors through its funds management platform.

For the six months ended 30 June 2026, GPT reported Funds From Operations (FFO) of A$338.8 million, representing an increase from the previous corresponding period. Statutory net profit after tax was A$400.1 million, supported by property valuation movements and operational performance. (

GPT reported investment portfolio occupancy of 97.6%, with like-for-like net property income growth of 5.8%. The office portfolio recorded occupancy of 92.1%, while excluding Grosvenor Place, occupancy was 94.3%. Office net property income increased on a like-for-like basis during the period, supported by leasing activity.

GPT’s future performance will depend on leasing conditions, tenant demand, interest rates, asset valuations and execution of its development pipeline.

Dexus (ASX:DXS): Direct Office Market Exposure

Dexus (ASX:DXS) is a real asset manager and property owner with significant exposure to commercial office assets, alongside industrial property and infrastructure-related investments.

The company’s Earnings are closely linked to office leasing conditions, occupancy levels, property valuations and funds management activity. Dexus has continued managing its office portfolio through a period of changing workplace demand by focusing on leasing activity, asset repositioning and portfolio management.

Office properties remain an important part of Dexus’s platform, making tenant demand, leasing incentives and Capital management key factors influencing future earnings.

The company has continued reviewing its portfolio composition and capital allocation priorities, including asset recycling and investment decisions across different property sectors.

Dexus’s outlook depends on the pace of office market recovery, financing conditions, tenant requirements and the performance of its broader funds management platform.

Mirvac Group (ASX:MGR): Property Development and Office Balance

Mirvac Group (ASX:MGR) operates across office, industrial, residential development and investment management. Its diversified structure means office performance is one component of a broader earnings mix.

The company has maintained exposure to premium office assets while also developing residential communities and expanding its build-to-rent platform.

Mirvac’s commercial property portfolio benefits from exposure to long-term leases and institutional-grade assets, while its residential business provides a separate earnings driver linked to housing demand and settlement activity.

The company has continued focusing on asset quality, development execution and capital discipline. Its office strategy has centred on maintaining tenant relationships and managing assets in locations where demand remains supported.

Future performance will depend on office leasing conditions, residential market activity, development delivery and broader economic conditions.

Key Takeaways

GPT Group, Dexus and Mirvac demonstrate three different approaches to Australia’s evolving office property market. GPT’s diversified portfolio provides exposure across multiple property sectors, with FY2026 interim results showing strong occupancy and improved property income performance. Dexus remains more directly connected to office market conditions due to its larger commercial property exposure, making leasing activity and capital management important factors to monitor. Mirvac combines office exposure with residential development and investment management, creating a broader earnings base. Across all three companies, office demand, tenant requirements and financing conditions remain key influences on future performance.