RECENT MEDIA SUMMARY OFFICE REVAMPS SET TO HIT A RECORD HIGH IN SYDNEY •
Major employers in finance and IT still request for space in the CBD despite decentralisation efforts by the government
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The economies of scale delivered in the Sydney CBD is leading to the conversion of old stock into prime office space.
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The average annual growth in the number of completed developments and refurbishments has been 22.9percent in the last 30 years
Image and article source: The Urban Developer
CHARTER HALL DOMINATES IN WESTPAC BUILDING TUSSLE •
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Charter Hall is understood to have achieved ‘preferred’ buyer status for Blackstone's half-stake at Westpac Place Bidding among the principal contenders has pushed the price to more than $850 million. The principal contenders are Charter Hall, GPT and Deutsche
Image source: Andrew Quilty Article source: Australian Financial Review
DEXUS RIDES WAVE OF HIGH OFFICE DEMAND • • •
BIS forecasts commercial property to fall in the next 5 years as interest rates rise Across 73 transactions, Dexus leased 92,822 square metres of office space and 14,832 square metres of office development space Low vacancy rates coupled with high demand for space is proving advantageous to Dexus, like most office landlords at present.
Image source and article source: The Urban Developer
SYDNEY OFFICE VACANCY RATE TO HIT 3 PER CENT BY END OF 2019: BIS OXFORD ECONOMIC • • •
The office vacancy rate in the Sydney CBD will hit 3 per cent by the end of 2019 due to an inadequate supply of new office space The CBD vacancy rate is placed at 4.6 per cent in December and would continue to decline over the next two years As “low net additions are outpaced by moderate demand.”
Article source: Australian Financial Review