According to Dexus Research, companies are focusing more on the positive conditions in Australia and New South Wales than the negative global factors regarding leasing decisions.
There has been a solid rise in job advertisements, a significant proportion of which is for white collar jobs, which bodes well for office demand.
Leasing enquiries have been stronger than normal. The last quarter has seen a slight improvement on take-up with net absorption being negative 7,000 square metres for the three months to March 2018.
An unprecedented amount of infrastructure investment continues to support growth in NSW with $81.5 billion to be spent on transport and infrastructure over the next four years.
However, a growing shortage of space is limiting the actual take up of space in spite of the positive business conditions. The availability of vacant space in the CBD is at the lowest it has been for 17 years at 5.5%.
* This data was released with the latest Dexus Office Demand Barometer. The barometer includes five variables based on their high correlation with Sydney CBD office demand, including: ANZ job advertisement series; US ISM Manufacturing Index; Short term business travel departures; NAB Business Confidence Index - finance/business/property sectors; and S&P/ASX 200 Index.
Image and article source: Dexus Research
Ray White’s top 10 listings for April: (Click on address to view listing)
Suite 301 & 302, 309 George Street Sydney
Level 2, 1 Barrack Street Sydney
Whole Level 4, 136 Chalmers Street Surry Hills
Suite 7.04, 60 Park Street Sydney
Part Level 12, 88 Phillip Street Sydney
Suite 25.05, 31 Market Street Sydney
Suite 903, 46 Market Street Sydney
Suite 7.02, 62 Pitt Street Sydney
Part Level 15, 175 Liverpool Street Sydney
Part 39, 161 Castlereagh Street Sydney