After the recent release of the Property Council of Australia’s office market report we can all be assured that the next 12-24 months in the Sydney commercial leasing market are going to be interesting times indeed. With stock levels being drastically reduced due to compulsory acquisition and urban activation coupled with limited new construction projects in the pipeline - Where are commercial office tenants going to locate to in the next cycle?
In Macquarie Park alone some 60,000m² of office space will be withdrawn from the market due to urban activation in properties in Talavera Road & Waterloo Road. This withdrawal of office space from the total stock numbers will have a significant impact on vacancy and incentives not to mention the availability of choice for companies needing to relocate over the coming few years in Macquarie Park.
In addition let’s take a look at Epping Town Centre – again major commercial office buildings along the train line will be withdrawn from the market and some 3,750 new dwellings constructed within a 10 minute walk of the train station.
Without a doubt – commercial office markets are about to undergo some significant changes – office tenants in these markets will require professional assistance with redevelopment clauses their leases, changes to outgoings charges, lease renewals, relocation options and business property strategies. If your office is on Waterloo Road or Talavera Road you need to find out if you are affected by these changes.
For assistance call the office market leaders Meegan Graham 0411 855 835 and Christian Cirillo 0434 537 009.