Demand missing in Macquarie Park
The Property Council of Australia’s latest Office Market Report released today shows that Macquarie Park continues to struggle to attract demand for commercial office space with the vacancy rate rising from 7.9 to 8.5 per cent in the six months to July 2017.
All grades of space except A grade recorded negative demand indicating a continued slowing of demand for office space in the area.
“Macquarie Park demand continues to slow, yet committed Government investment in better local infrastructure and transport should stimulate renewed demand,” Property Council NSW Executive Director Jane Fitzgerald said today.
“The vacancy rate increased due to -13,348sqm of net absorption and 10,800sqm of supply addition. 19,557sqm of space withdrawn over the period.
“A number of key tenants from the Macquarie Park market have relocated to other markets indicating competing markets are proving more attractive for tenants at this point in time.
“There is no new space to come online from 2018 onwards and renewed demand is needed to stimulate the market.”
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Office Market Report July 2017
Analysis – Macquarie Park market
- Vacancy increased over the period
- This was due to negative demand and supply additions
- All grades of space except A Grade recorded negative demand
- There is no space due to come online from 2018 onwards
- Vacancy increased from 7.9 percent to 8.5 percent over the six months to July 2017
- This was due to -13,348sqm of net absorption and 10,800sqm of supply additions
- 19,557sqm of space was withdrawn over the period
- All grades of space except A Grade recorded negative demand over the period
- 8,146sqm of space is due to come online in the second half of 2017
- There is no more space in the pipeline from 2018
- 244,545sqm of projects are mooted