The Sydney CBD has recorded its lowest vacancy rate since July 2008, decreasing to 4.1%, according to the Property Council of Australia’s (PCA) January 2019 Office Market Snapshot. The conditions in Sydney have been buoyed by the ongoing lack of supply, which saw only one new office building come online in the second half of 2018.
The data – released today, for the six months to January 2019 – evidences the tight physical conditions across the Sydney market, which have also been influenced by infrastructure and transport developments and Sydney’s destination as a global city. According to the PCA, vacancy in other key precincts of North Sydney, Macquarie Park and Parramatta were 6.8%, 4.8% and 3% respectively.
With that in mind, we take a look at some of the recent transactions closed by our Sydney Office Leasing team across the CBD and North Sydney markets.
Blue Gum Capital has leased 134.4 sqm of office space from Dexus and GPT at Suite 44.04, Level 44, Australia Square, 264 George Street, for $1,450.00per sqm net. The lease term is 5 years, and the property features a brand new speculative fit-out.
Meanwhile, Fit & Smart has leased an 80 sqm office suite from a private lessor at Suite 7.01, 90 Pitt Street, Sydney for $475.00 per sqm gross. The asset is a strata building and the lease term is two years.
Above: Australia Square, Sydney
MDA Consultants has leased a 241.7 sqm office suite from a private fund managed by BlackRock at Level 2, 2 Elizabeth Plaza, North Sydney for $675 per sqm net. The lease term is 5 years. The tenant is relocating from its previous 160 Pacific Highway, North Sydney address.
The Dragon Group has leased a 100 sqm office suite from Satsuma Solutions (sub-lease) at Suite 606, Level 6, 132 Arthur Street, North Sydney for $510 per sqm gross. The lease term is 3 years. The tenant has relocated from Parramatta.
Structural Project Group has leased 497.2 sqm of short term project space from Winten Property Group at Suite 602, Level 6, 77 Berry Street, North Sydney for $500 per sqm gross. The lease term for the office suite is six months.
2 Elizabeth Plaza, North Sydney
132 Arthur Street, North Sydney
77 Berry Street, North Sydney
To get in touch with any of our Office Leasing specialists, contact us below: