Sydney Office Market Back In Demand

15/03/2013 2:16 am

The vacancy rate in the Sydney CBD commercial office market has fallen to its lowest level in four years, according to the Property Council of Australia's latest Office Market Report.

The vacancy rate across the CBD fell from 8.1 percent to 7.2 percent in the six months to January 2013, driven by a combination of demand and stock withdrawals.

“A high rate of withdrawals and demand across the top end of the market helped fuel the cut to vacancy rates,” Property Council NSW Executive Director Glenn Byres says.

Net absorption totalled 8,466sqm - but withdrawals were at a five-year high, with 87,903sqm taken off the market.

Future supply includes 139,941sqm in 2013, 61,500sqm forecast for 2014 and 308,033sqm in additional office stock from 2015 onwards.

Source: PCA 2013