Sydney’s office market experienced record rental growth in 2016 whilst Melbourne saw its first spurt of rental growth after four years of declines. Representing approximately 40% of Australia’s total office market space (~10 million sqm out of 25 million sqm), these two CBD markets are the financial and commercial centres of Australian business. The near term outlook for both markets is for a continuation of above-average rental growth, fostered by the market dynamics of limited supply and solid demand. But will all office-occupying industries be able to cope with further rental increases in an environment of declining revenue growth? In this Viewpoint, we examine input costs by industry and analyse these against industry performance metrics to determine which industries are most at risk to rising rents and which will fare the best.