Sydney and Melbourne has demonstrated the most growth in prime office rents globally as minimal supply pushes up the price of space. In particular, Sydney leads the way with 30.1% growth in the 12 months leading up to the third quarter in 2017, with average net rents in the CBD $744 per square metre. Melbourne follows behind with 17.3% and an average CBD rent of $346 per square metre.
In third and fourth place are San Francisco and New Jersey respectively.
"While the Sydney story has continued on the back of centralisation, stock withdrawals and growth from the technology sector in particular, Melbourne is now following hot on the heels." states Tim O'Connor, who heads JLL's office leasing in Australia.
JLL further suggests that growth in Sydney and Melbourne will ease in 2018 while remaining equal to or above 7%.
Image source: JLL
Article source: http://www.afr.com/real-estate/sydney-office-rents-grow-most-in-the-world-20171127-gzu1un?btis
Ray White’s top 10 listings for November: (Click on address to view listing)
5 / 9 Castlereagh Street, Sydney
14 / 77 King Street, Sydney
14 / 1 Market Street, Sydney
4 / 62 Pitt Street, Sydney
9 / 46 Market Street, Sydney
11 / 61 York Street, Sydney
8.03 / 46 Market Street, Sydney
10.01 / 45 Clarence Street, Sydney
7.01 / 261 George Street, Sydney
14 / 187 Macquarie Street, Sydney