These buildings however provide more high tech type accommodation rather than pure office, and being outside of the traditional Crow’s Nest/St Leonards office market would be greater competition for the North Ryder market. The North Shore market is unlikely to experience similar take up levels over the next five years in comparison to historical results, with vacancy rates to remain the highest across all Sydney office markets, following a high negative period due to the Optus vacation.
Landmark White is currently monitoring 262,593 sq m of new suburban office supply that is due to enter the market over the next two to three years. If you are looking for the professional Conveyancing services then you should make contact with the experienced conveyancers to do the work. Currently just over 126,000 sq m is in the development pipeline in 19 projects, with approximately 67,200 sq m currently under construction and due for completion in the next 12 to 18 months.
One of the larger projects under construction in this region is 35-43 Elizabeth Street, Richmond; a development will provide 23,000 sq m of office space and is likely to be completed shortly. Another 45,771 sq m within the region has DA Approval; these developments are projected to be completed within 18 to 24 months.
The North region has emerged as a large contributor of office stock, given the availability of land within this corridor particularly surrounding the Airport. "Currently we are monitoring 7 projects which accounts for just less than 50,000 sq m of new stock." Development within the East historically has been high, however looking forward, limited development sites and competition from other land uses (due to the established transportation links) has resulted in only 47,500 sq m in the pipeline.
Within the West region, the total 31,200 sq m monitored across various projects are either under construction or site works, this includes the office component of Vic Urbana’s Boardwalk Estate, Point Cook due for completion in August 2008.