In 2022, more than 155,000 sqm of new supply was completed. The 2023 development pipeline is set to be smaller before a large injection in 2024.
Here's what's on the cards regarding new refurbishments and stock in the Sydney CBD.
Offering circa 54,000 sqm of space, Circular Quay Tower is now Sydney's tallest office building and the second-tallest building in the CBD. Dubbed "Salesforce Tower Sydney," the building has secured US software Giant, Salesforce, as its anchor tenant.
The Quay Quarter development spans two city blocks and offers over 88,274 sqm of commercial, retail and residential space. A year before its completion, more than 85% of the available space was pre-committed by anchor tenants AMP, Deloitte and top-tier law firm Corrs Chambers Westgarth.
This new A-grade office tower, which saw initial construction delays, consists of 19,700 sqm of office space (27 storeys) and 1,000 sqm of retail.
121 Castlereagh is a luxury mixed-use project offering six levels (11,500 sqm) of premium-grade office space and a 6,200 sqm extension of Westfield Sydney's luxury retail. A central atrium will connect workspaces to maximise natural light and "inspire connectivity."
This redevelopment is the expansion and integration of two existing buildings (32-24 York Street and 36 York Street) and offers approximately 8,000 sqm of office space and 600 sqm of retail space.
With views of Sydney Harbour, Hyde Park and Town Hall, this project will offer 47,800 sqm of premium-grade commercial space across 39 storeys and 1,290 sqm of retail across two levels. It will also be integrated with the new Pitt Street metro station and include over 500 sqm of outdoor space.
Set for completion in 2024, this new above-station development will feature two commercial buildings, retail space and new underground pedestrian connections. The North Tower will be a 39-storey commercial tower, providing an entrance to the new Martin Place Metro Station and offering approximately 75,500 sqm of office space. The South Tower will provide circa 36,000 sqm of office space across 28-storeys. Global law firm Ashurst has already pre-committed to over 10,000 sqm of space in the low-rise of the building.
Atlassian Tower is a new 39-level premium-grade tower offering 59,100 sqm of office space. The building will be located within the Sydney Government's new tech Central precinct, which will expand across six suburbs (Surry Hills, Camperdown, Ultimo, Eveleigh, Darlington and Haymarket) and house Australia's leading firms and startups, educational institutions and other development projects.
The refurbishment of 255 George Street is expected to be completed in 2023. NAB’s relocation to Brookfield Place initially left a large amount of backfill space. However, nearly all of this space has now been filled by notable tenants such as BOQ, ATO and Eftpos.
Looking ahead to 2024, 33 Alfred St refurbishments are set to be completed, which will aim to improve sustainability credentials, create direct access to the Quay Quarter Sydney precinct, and offer a new full-height glass façade and new front-of-house areas.
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