Demand increases for large workspaces in Sydney

The demand for large amounts of space in Sydney is rising as major corporates consider expansion. Demand for 3000-square-metre-plus workspace increased by 32 per cent in Sydney over the last quarter and 63 per cent compared to the first quarter last year, according to a report.

Cameron Williams, national director of office leasing, said that “In the first quarter of 2017, the Sydney market was still dealing with the displacement of small tenants; this has now normalised and we're now seeing inquiry from smaller tenants being driven by both lease expiries and growth.

“With the next supply cycle only three years out, we're seeing larger tenants enter the market and plan ahead to make themselves available for the projects that will become available; essentially, the supply cycle is stimulating demand as these tenants are being actively pursued.

“We expect many of these larger tenants will be approached by big backfills and major developments available in the market from 2020, and in a lot of cases that is the catalyst for them to put themselves in the market now in a formal sense.”

Demand for office space increased 27 per cent over the last quarter nationally. Businesses looking for workspace under 1000 square metres increased by 55 per cent; demand for 1000-2999 square metre spaces rose by 15 per cent; and demand for space over 3000 square metres increased by 18 percent.

Image source: Kate Geraghty

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