Demand sees cut in North Ryde vacancy rates
Solid demand has seen the vacancy rate across North Ryde’s office market fall in the past six months, according to the Property Council.
The latest Office Market Report shows the vacancy rate fell from 10 percent to 8.4 percent in the six months to July 2015.
“North Ryde’s office market has benefitted from positive net demand in the past six months totaling 15,002sqm,” NSW Executive Director Glenn Byres said.
“The bulk of demand fell in the A grade space, which enjoyed 14,140sqm of net absorption and a drop in the vacancy rate from 8 percent to 5.7 percent.
“B grade also saw a fall in the vacancy rate from 15.7 percent to 15.2 percent, with 5,222sqm of net absorption.
“Only C grade recorded an increase in the vacancy rate – up from 5.1 percent to 13.5 percent.
“There was 9,714sqm of new stock added to the North Ryde market over the past six months, while 7,899sqm was withdrawn.”
Mr Byres said there is 21,400sqm of new stock due to enter the market in the second half of 2015, but no confirmed new stock beyond that.
Analysis & Commentary, North Ryde, July 2015
Headline comments:
- Vacancy decreased over the period
- This was due to positive demand
- Only the C Grade segment increased in vacancy
- There is no space in the pipeline for after 2015
Vacancy analysis:
- Vacancy decreased from 10.0 percent to 8.4 percent over the 6 months to July 2015
- The vacancy decrease was due to 15,002sqm of net absorption
- 9,714sqm was added over the period while 7,899sqm was withdrawn
- Only the C Grade segment recorded an increase in vacancy
Future supply:
- 21,400sqm of space is in the pipeline for the second half of 2015
- 133,386sqm of projects are mooted
Key market indicators, North Ryde (aggregate)
Media contact: Glenn Byres | M 0419 695 435 | E [email protected]