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The latest edition of the Office Market Report from the Property Council of Australia (PCA) finds that other parts of the North Shore including Macquarie Park and Chatswood are also seeing an uptick in office vacancy levels. In the six months to July a drop of 1.6 percentage points was reported in the area across the harbour from the main CBD.
Paul Lynch of commercial property management firm JLL believes residential development activity coupled with significant new office investments in the North Sydney area are behind the improvement.
"It’s also a persuasive influence in attracting corporates to relocate from the Sydney CBD."
he told the Sydney Morning Herald.
Parramatta in western Sydney remains a leader in business activity, reporting the lowest office vacancy rate in the country at 3.2 per cent in the six months to July. All types of office stock in the area from Premium to D-grade are said to be running up against their maximum capacities. The PCA has called for a continued focus on encouraging new investment in local council planning policies in order to keep up with demand.
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St. Leonards and other second CBDs see strong office rental growth
Sydney’s CBD is finding strong competition in the office space market from several suburbs across the metropolitan area, including St. Leonards on the Lower North Shore. Increased city-wide commercial activity means it is