We welcome the opportunity to provide feedback on the Discussion Paper, Land use mix in the Chatswood CBD. Our members include the nation’s major investors, owners, managers, developers, designers and builders of property of all asset classes. They create landmark projects, environments, and communities where people can live, work, shop, and play. The property industry shapes the future of our cities and has a deep long-term interest in seeing them prosper as productive, sustainable,
and safe places.
The Property Council congratulates Willoughby City Council on their intent to review the land use mix within the Chatswood CBD. The review is particularly relevant given the historically low demand and take-up of commercial floorspace within the CBD, which is predicted to continue over the short and medium term. Data from the Property Council’s Office Market Report also indicates that office vacancy rates in the Chatswood CBD have been increasing since 2020 to 20.6% in July 2024, nearing the same rate as 1993.
