Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 3 February 2017

Sydney office shortage

I've had a look around one of Australia's most ambitious commercial projects - both through the construction phase and after completion - Lend Lease's Barangaroo project in Sydney.  

I have to admit it's impressive stuff.

Despite the addition of this quality supply, Savills have reported chronic shortages in office space and rapid increases in rents. 

The new A-grade stock is doing fine, but there's a desperate shortage of secondary stock (if you've ever worked in Sydney CBD you'll know only too well how dated some of the office space can be). 

See Savill's reported figures for changes in net effective rents here