Property Forecasting > Report
Sydney's suburban office markets have experienced constrained net absorption this year, due to weak business confidence and relatively low vacancies. We expect these themes to continue near term. With stronger supply additions in 2020, the outcome will be rising vacancy rates. However, we anticipate stronger demand from 2022 that will drive down vacancy rates again, lifting rents to a cyclical peak in 2023. Reflecting a downgrade in NSW economic growth prospects over the next few years, we have scaled back our forecasts for peak market rents since our September 2019 report.
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