Sydney office leasing defies challenging economic conditions

[{"selector":"#anim-aa3fdb13-7602-44a0-a08c-77f5726642f9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.4034399948172863e-15%, 2.5495635385903583e-7%) scale(0.8403361344537815)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] DESPITE challenging business conditions worldwide, demand for Sydney CBD office space has remained resilient... Read more

[{"selector":"#anim-917f806f-9451-4bce-8834-ca5ac1d9be20 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] CBRE’s March quarter figures report also showed the flight to quality has gathered pace, underpinning a quarterly... Read more

[{"selector":"#anim-005d7a3a-d470-4450-a39f-45113a287b2c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] CBRE data highlighted 121 tenant enquiries in the period, up 25% on the December quarter. Read more

[{"selector":"#anim-7ecb8e25-d318-4b18-8daa-0586f5b429c8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Thomas Biglands, CBRE’s NSW research manager, said that increasingly limited space options could lead some occupiers to... Read more

[{"selector":"#anim-da8ebb30-8030-46d4-8b86-176aa69b057e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Entering 2023, available space is located in a small number of lower tier properties or in disaggregated tranches within... Read more

[{"selector":"#anim-2f4f4eb5-638e-4871-9c5a-bd3160483230 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 2.466650906077431e-7%) scale(0.8130081300813008)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Minimal stock will enter the market this year after a three-year wave that delivered 450,000 sqm of new office space, including completions at... Read more

[{"selector":"#anim-d82489b9-8cd6-4793-ae5e-ad105b4093ab [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The next waves of supply not due until 2024 and 2027, and this is expected to help the city’s vacancy rate. Property Council of... Read more

[{"selector":"#anim-5f0444c8-8988-47cb-aa01-e896fe5318ba [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “We are experiencing unprecedented demand for new product with strong pre-leasing within the developments to be delivered in... Read more

[{"selector":"#anim-df9a00ad-f988-4c7c-865b-209bbced370d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Major developments that may be completed from 2025 to 2027 include 55 Pitt Street, at 63,000 sqm, Chifley Tower South, of 50,000 sqm, and... Read more

[{"selector":"#anim-bb301eab-31c6-44d2-a697-bb86a1da68ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Net face rents increased by 1.3% over the quarter and 6.3% year on year, while incentives continued to trend upwards in the... Read more

[{"selector":"#anim-b3b6f474-7512-4f8f-824f-9b0399925e35 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Incentives are expected to remain sticky over the next year although we are experiencing some decreases in the... Read more

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