While Melbourne is experiencing a boom in the commercial property sector, another city is also having a modest amount of supply along with pent-up demand and unprecedented levels of infrastructure investment. In short, Sydney is also experiencing a favourable as it continues to rise.
According to the Property Council of Australia, Sydney’s Central Business District (CBD) vacancy rate went down to 4.1 per cent — a drop by 0.5 percentage — in the six months to January 2019.
The reason behind the decrease was due to withdrawals during the time frame mentioned, which were more than 55,000 square metres, despite the increase of 28,000 square metres in stocks. Last year, only Investa’s Barrack Place was the new A-grade office development in the CBD. This office space is located at 151 Clarence Street.
On the other hand, 2019 will receive stocks from other developments, such as 60 Martin Place (38,600 square metres), 100 Broadway (5500 square metres), and 1 Sussex Street (10,000 square metres). However, these stocks are limited because the pre-leasing already started. Only 60 Martin Place offers available space, but more than 60 per cent already went into pre-lease, while the two, 100 Broadway and 1 Sussex Street, are already fully leased.
In the current situation, rental prices also experienced an increase in prices. Premium office buildings experienced a surge of 11.2 per cent, which now makes a square metre worth $1300, while A-grade stock increased by 11 per cent, with $1030 a square metre, Colliers International figures revealed.
Looking for a Commercial Property For Sale might become difficult for some, but selling one may open new opportunities of price ranges due to the limit in stocks. If you’re willing to sell a commercial property, National Brokers Network can market your property through our website listings, social media, and brokers, offering you higher exposure than your competitors.
Find the right deal for your property. Contact 03 9226 9222 or info@nationalbrokers.com.au to get in touch with us.
