Macquarie Park’s office market lagging
The vacancy rate across Macquarie Park’s office market has increased off the back of negative demand across all grades of space, according to the Property Council of Australia’s latest Office Market Report.
The vacancy rate in Macquarie Park increased from 7.1 per cent to 7.5 per cent in the six months to January 2017.
"Macquarie Park’s office market has softened and is experiencing negative demand across all grades of space for the past six months, with 7,475sqm of negative net absorption," NSW Executive Director Jane Fitzgerald said today.
“A and C grades experienced an increase in vacancy rate and negative demand is holding development back which means state and local government needs to look at how they are incentivising investment in our centres through flexible planning approaches.
“Macquarie Park is a centre that will benefit from the forthcoming Sydney Metro and has experienced significant employment growth over recent years, but if this is to continue new investment needs to be encouraged.
“A grade vacancy increased from 4.3 per cent to 5.1 per cent, B grade decreased from 14.9 per cent to 14.2 per cent and C grade increased from 10.4 per cent to 10.7 per cent.”
Ms Fitzgerald said that 18,146 sqm of space is due to come online in 2017 and no more space in the pipeline for 2018, 122,671 sqm of projects are mooted.
For more information or to purchase the January 2017 Office Market Report, click here.
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