Space race pushes Sydney office rents past $1000 per square metre

The battle for prize space pushes prime net face rents in Sydney past $1000.

Prime gross effective rents in Sydney rose 2.9 per cent over the March quarter with vacancy at 4.6 per cent, the lowest in a decade, according to a report. Consequently, prime net face rents are now at $1010 and incentives have slipped from 21 per cent to 20 per cent.

Outside premium grade, in which a third of Sydney’s vacant space can be found, the vacancy is now just 4 per cent. In the B market, gross effective rents increased 1.9 per cent over the quarter with incentives around 18.5 per cent.

Image source: Louise Kennerley

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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 5.06/83 York Street Sydney

Suite 7.02, 62 Pitt Street Sydney

Part Level 15, 175 Liverpool Street Sydney

Part 39, 161 Castlereagh Street Sydney