A Focus On Sydney’s Upcoming Commercial Stock
Focus on Sydney’s Upcoming Commercial Stock
Sydney office space continues to be one of Australia’s most sought-after assets. And rents continue to climb amidst an extraordinary period of stock withdrawals to accommodate the new metro line and residential conversions. So, it’s no wonder tenants are worried about the amount of space remaining – left anticipating further rental increases.
Fortunately, there are some significant office projects on the cards.
The main streets of Sydney CBD are currently abuzz with an unprecedented level of construction, a result of some $4.8 billion worth of commercial real estate projects now in the works.
What’s more; it’s only going to get busier! A further $3.1 billion of works are about to start, scheduled for completion by 2025.
On the commercial front
The NSW Government has approved Macquarie Group’s proposal over Martin Place Metro Station. Comprising of two office towers, retail and other amenities this major development promises to reshape the CBD. Its vision, to create a premium transport, commercial and retail hub in the heart of the city.
Lendlease’s Circular Quay Tower will also soon be Sydney’s tallest office tower, the high point (pardon the property pun) of a new premier precinct at Circular Quay.
Scentre Group and CBUS have now secured the famous David Jones building on 65-77 Market Street. Currently sitting pretty at 13-storeys, the building will rise a further seven levels offering a total of 10,000 sqm of premium retail and office space.
Investa’s new development, Barrack Place, at 151 Clarence Street (22,000 sqm A-Grade building) and 60 Martin Place (40,000 sqm premium space) are currently under construction. AMP Capital has dipped their toes in new commercial office projects, buying out almost half of Brookfield’s $1.8 billion Wynyard Place redevelopment in Sydney – the most significant single office deal in Australia’s history!
A total rebirth
Sydney is often described as “the most international of Australia’s cities.” To maintain this status, however, it needs to continually evolve and improve its built environment.
It appears that Sydney has accepted this challenge.
By 2025 the city will be unrecognisable, replaced by something bigger and shinier, with striking buildings and a top-of-the-line transport system.