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One solution was to create buildings which encompassed many of the features required by modern tenants, including large floors, energy-efficient lighting, shower facilities and acoustic ceiling tiles.

Mrs Bradford said the overall scenario still meant the sector was better placed to withstand the economic downturn — compared to 1987, when the stock market crash saw developers simply walk away from uncompleted buildings. Those left standing suffered from high rents and high vacancy rates — two trends not necessarily reflected in the current market.

While rental rates were holding, Mr Maitland said there were still plenty of prospective tenants searching for a suitable building.

A greater number of tenants were being forced into committing to rights of renewal which he called ‘‘a sticking plaster approach’’ which did not address their longer-term needs.

Lower profitability and the relative uncertainty of the next few years was also making tenants ‘‘naturally cautious’’ about their long-term strategy and possible relocations.

This caution was also reflected in the sales market, with few transactions completed this year within the CBD, where the largest sale was $12.5 million for the Master Builders Federation Building at 234 Wakefield St.

Mrs Bradford and Mr Leckie said the banking sector was also taking care in its dealings with property-related business.

‘‘It’s not that the banks aren’t prepared to loan out any finance, but they are more cautious and want to see real value and tend to look after existing clients.’’