North Ryde’s office market enjoys solid demand
The vacancy rate across North Ryde’s office market has dropped off the back of positive demand, according to the Property Council of Australia’s latest Office Market Report released.
The vacancy rate fell in North Ryde from 11.2 per cent to 10 per cent in the six months to January 2015.
“North Ryde’s office market has benefitted from positive demand for the past six months totalling 10,565sqm,” NSW Executive Director Glenn Byres said today.
“All three grades enjoyed a cut in the vacancy rate and positive demand over the period – with only B grade having double digit vacancies.
“A grade vacancy fell from 9.2 per cent to 8 per cent, B grade from 16 per cent to 15.7 per cent and C grade from 20 per cent to 5.1 per cent.
“A grade enjoyed the strongest net absorption totalling 6,853sqm in the past six months to January 2015 – bringing the total for the past 12 months to 24,451sqm.”
Mr Byres said 21,400sqm of new space is in the pipeline for 2015, with another 100,081sqm of projects mooted.
For further comment:
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Glenn Byres |
John Nguyen |
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Analysis & Commentary, North Ryde, January 2015
Headline comments:
- Vacancy decreased over the period
- This was due to positive demand and withdrawals
- Only the B Grade segment has double digit vacancy
- There is no space in the pipeline after 2015
Vacancy analysis:
- Vacancy decreased from 11.2 percent to 10.0 percent over the 6 months to January 2015
- The vacancy increase was mainly due to 10,565sqm of net absorption
- Withdrawals over the period totaled 481sqm
- Only the B Grade segment has double digit vacancy
Future supply:
- 21,400sqm of space is in the pipeline for 2015
- 100,081sqm of projects are mooted
Key market indicators, North Ryde (aggregate)
|
Grade |
Vacancy, Jan 15 (%) |
Vacancy, Jul 14 (%) |
Net absorption, 6 months to Jan 15 (sq m) |
Net absorption, 12 months to Jan 15 (sq m) |
|
A |
8.0 |
9.2 |
6,853 |
24,451 |
|
B |
15.7 |
16.0 |
727 |
-20,360 |
|
C |
5.1 |
20.0 |
2,985 |
2,791 |
|
Total |
10.0 |
11.2 |
10,565 |
6,882 |
More information available at www.propertyoz.com.au/officemarketreport