Sydney CBD’s Office Vacancy Rates Demonstrate Continued Strength

Sydney CBD’s latest vacancy rate report for the first six months of the year shows a decrease of 3.7 per cent from 4.1 per cent in January, causing the national rate to its lowest level in the past eight years.

The Property Council of Australia views the result as an indication of strengthened vacancy rate despite the tight competition of supplies in the market. The Sydney leasing market is observed to be in a state of flux as tenants delayed relocation strategies ahead of the new supply entering the market.

The combination of a net withdrawal of office space and few new development have resulted to higher number of vacancies. A total of 32,039 square meter space was withdrawn around the CBD during the six months to July. A release valve in the office market would further help in the global city market competition.

Despite only making up 2.5 per cent of the market, the co-working and flexible space hold most of demands, balancing some of the decline in other white collar job sectors. The variance between prime and secondary stock creates significance on the national market.

Image and article source: https://theurbandeveloper.com/articles/sydney-office-market-in-a-state-of-flux


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