North Shore market shows positive demand
The Property Council of Australia’s latest Office Market Report released today shows that the aggregate vacancy rate across all North Shore markets has dropped from 8.1 to 7.9 per cent in the six months to July 2017 largely due to positive demand.
Crows Nest/St Leonards was the only market to see a higher vacancy rate with both North Sydney and Chatswood dropping to 6.4 per cent and 6.9 per cent respectively.
“North Shore continues to produce strong results with the drop in the vacancy rate across the three markets due to 1,525sqm of withdrawals and 1,240sqm of net absorption,” Property Council NSW Executive Director Jane Fitzgerald said today.
“The rise in vacancy in Crows Nest/St Leonards is due to -8,148sqm of net absorption and there was 1,525sqm of space withdrawn over the period.
“North Sydney and Chatswood saw 6,985sqm and 2,403sqm of net absorption respectively.
“Some new supply is on its way with 3,233sqm of space due to enter the North Shore market in the second half of 2017 and 90,720sqm due to be completed form 2019 onwards.
“The investment in Sydney Metro Northwest will improve connectivity for the North Shore markets and we are largely seeing positive signs.”
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Office Market Report July 2017
Analysis –North Shore market
- Vacancy for the overall North Shore market decreased over the period
- This was due to withdrawals and positive demand
- All North Shore markets recorded positive demand except Crows Nest/St Leonards
- There is a significant amount of space due to enter the North Shore market from 2019 onwards
- Total vacancy for the North Shore decreased from 8.1 percent in January 2017 to 7.9 percent in July 2017
- This was due to 1,525sqm of withdrawals and 1,240sqm of net absorption
- North Sydney vacancy decreased from 7.3 percent to 6.4 percent over the half year to July 2017
- This was due to 6,985sqm of net absorption
Crows Nest / St Leonards:
- Vacancy increased from 10.5 percent to 12.6 percent
- This was due to -8,148sqm of net absorption
- 1,525sqm of space was withdrawn over the period
- Vacancy in Chatswood decreased in the six months to July 2017 from 7.7 percent to 6.9 percent
- The decrease was due to 2,403sqm of net absorption
- 3,233sqm of space is due to enter the North Shore market in the second half of 2017
- No further space in due to come online in 2018
- 90,720sqm is due to be completed from 2019 onwards
- 48,300sqm is mooted