Property Forecasting > Report

Sydney Suburban Centres and Office Parks 2019 – 2029

Latest data updates have not changed our view that the upswing in Sydney’s suburban office markets has four years to run and will only end when sufficient supply comes on stream to balance the market. Near term, a  slowdown in the pace of NSW economic and employment growth, coupled with economic uncertainty, will result in only moderate demand for non-CBD office space. Indeed, demand will likely be outpaced by a spike in completions next year (focused on North Sydney, Parramatta, Macquarie Park and Eveleigh) that will push the non-CBD vacancy rate up to about 7%. But this is only temporary; stronger demand from 2021 will see the vacancy rate recover to 6% by 2023, driving further rises in rents and capital values.

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