Sydney and Melbourne Office Crunch Not Seen Since the ’80s

Interesting how different types of properties diverge.
Residential vs Office space in same Sydney market.

Sydney and Melbourne Office Crunch Not Seen Since the ’80s

 

I deal with several asset managers, PMs & FMs on A grade buildings around the country. It is very obvious that they are all pushed for space especially those with completions in the last couple of years. There has only been one A Grade building completed in the Sydney CBD and this is fully precommitted to mostly whole-floor tenancies. Other buildings in the West CBD with around 250,000-300,000 combined are nearing full occupancy as well.

Melbourne is filling up quite nicely and likewise a few of the premium towers in Perth and Brisbane have the same level of commitment.

 

Interesting how different markets within property have completely different driver's and cycle.

 

NSW amazing unemployment rate may have a lot to do with good business conditions currently experienced .