Property Forecasting > Report

Sydney Suburban Centres and Office Parks 2020 - 2030

We have markedly downgraded our forecasts for Sydney’s suburban office markets in light of the ongoing COVID-19 pandemic. We anticipate a phase of weak to negative net absorption over the next 12 months, although previously negotiated deals will benefit Parramatta, North Sydney and St Leonards. But substantial new supply in these markets (and weak demand in others) will cause vacancy rates to rise across the board, driving effective rents lower. We expect a recovery in demand to emerge from H1 2021, but it will take a further five years to absorb the overhang of space.

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