Office space vacancies outside of the Sydney’s CBD has decreased to 3 per cent as Pyrmont, while styling itself as Sydney’s own Silicon Valley, records a 26 per cent rental growth.
Above-trend population and employment growth particularly in the information, media and technology sector influenced the advancement of fringe office markets. These creative and knowledge-intensive spaces mark a significant transformation in the market from central to Everleigh.
The overall vacancy in the fringe office markets had compressed below the 4.1 per cent in the CBD. Pyrmont, Ultimo and Surry Hills remain the largest office markets in the southern fringe, also the central avenue for the new trend. An 18 per cent and 21 per cent increase in the annual rental was recorded in Ultimo and Surry Hills while Pyrmont’s rent ranges from $750/ sq m to $940/ sq m. Surry Hills have doubled rent price since 2016 to $610/ sq m.
Image and article source: https://theurbandeveloper.com/articles/sydneys-pyrmont-leads-office-market-upswing
Ray White’s top 10 listings for July: (Click on the address to view listing)
Part Level 27/264 George Street SYDNEY
Suite 501/60 Pitt Street SYDNEY
Part Level 4/15 Lime Street SYDNEY
Suite 1003/50 Pitt Street SYDNEY
Level 1/26 Sussex Street SYDNEY
Part level 1/71 York Street SYDNEY
Level 4/447 Kent Street SYDNEY
Level 11/97-99 Bathurst Street SYDNEY
Suite 1101/37 York Street SYDNEY
Part level 27/1 Farrer Place SYDNEY
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