Office revamps set to hit a record high in Sydney

Sydneysiders bid the last blank canvas for an office site in the CBD goodbye with the completion of the third Barangaroo Tower in 2017. Construction data from CoreLogic indicates that rising demand for office space is partially being met with decentralisation efforts. However, major employers in finance and IT still request for space in the CBD.

The economies of scale delivered to private business in the Sydney CBD is leading to the conversion of old stock into prime office space. Across the monitored commercial buildings in the Sydney CBD area, 490 have been upgraded or redeveloped since being built. Moreover, several properties have recorded development applications submitted for refurbishment.

The average annual growth in the number of completed developments and refurbishments has been 22.9 per cent in the last 30 years which suggests a steady improvement of existing Sydney office buildings in the CBD.

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