We think so. Current commercial property data being released suggests office building withdrawals from the market for residential redevelopment is estimated anywhere from 11% to 25% of total office square metre space in suburban markets. Key office markets heavily impacted are Macquarie Park, St Leonards, Crows Nest, Chatswood & North Sydney. We predict current vacancy rates will dramatically reduce over the next 12 to 18 months as tenant scramble to find suitable alternative accommodation. This is exactly what commercial owners have been waiting for to reduce vacancy and tighten market incentives.
For advice on your property in an urban activation zone, or if you are a tenant in an urban activation zone, contact:
Christian Cirillo 0434 537 009