Commercial demand in the Sydney CBD office market has hit a four-year high, according to a new report.
The Property Council of Australia’s latest Office Market Report shows the Sydney CBD vacancy rate fell from 8.4% to 7.4% in the six months to January 2015.
"Sydney’s office market now has the lowest vacancy rate and enjoyed the strongest demand of all capital cities," NSW Executive Director Glenn Byres said.
“This indicates the economy that underpins the CBD is in a healthy state but we will need to maintain growth as a strong period of supply looms.”
Byres said 171,208sqm of new stock was due to enter the market in 2015 and a further 129,176sqm of projects are scheduled for completion in 2016.