Office tenants continue to seek out vacancies located across Sydney’s most sough-after markets. Records show that the inquiry level increases up to 78, 000 square metres in the Sydney CBD while 50,000 and 35,000 square metres of active requirements for office spaces were listed in North Sydney and Parramatta.
Among the industries looking for spaces include those who cater for financial services, business services, government, IT and technology, property services and coworking. The confined demand in the Sydney CBD resulted from the continued lack of larger areas for larger occupiers.
Considerably, commercial real estate service companies noted a decline on property inquiries in the Sydeny CBD from the start of 2019 as tenants become notably cautious and observe fair value in the options available for them. On the other hand, tenant demand increases in North Sydney specifically for businesses searching for single – floor spaces.
Paramatta’s 40 per cent market expansion wasn’t enough to cover space demands which leads to a foreseen overshadowed inquiries until 2022. 8000 square meters have already been leased within NSW’s second CBD. Most unsatiated demands include office spaces smaller than 300 square meters and bigger than 2000 square meters.
Tenant demand continues to grow in number all around the Sydney markets but the NSW government’s continuing decentralization of its departments contributes significantly to the over-all take-up.
Article and image source: https://www.commercialrealestate.com.au/news/sydneys-office-backlog-businesses-join-waiting-list-for-vacant-space-831786/
Ray White’s top 10 listings for June: (Click on the address to view listing)
Ground Floor, 26A Lime Street SYDNEY
Level 11, 191 Clarence Street SYDNEY
Suite 1101, 37 York Street SYDNEY
Suite 503, 309 George Street SYDNEY
Level 7, 61 York Street SYDNEY
Suite 902, 50 Margaret Street SYDNEY
Part Level 27, 1 Farrer Place SYDNEY
Suite 402, 12 Mount Street NORTH SYDNEY
Level 1, 36 Gosbell Street PADDINGTON
Suite 301, 66 Clarence Street SYDNEY