The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Commercial Lease

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Auto service company Ultra Tune has leased a warehouse/office complex at Eagle Farm in Brisbane’s TradeCoast precinct for its latest Queensland service centre.
The warehouse at B/109 Links Avenue, Eagle Farm has a building area of nearly 709 square metres with commercial grade offices over two levels.
Australian-owned Ultra Tune, which has more than 270 franchise outlets, has taken out a 5+5 year lease at a net rental of $56,720 per annum. 
The agents were Paul Anderson and Dan Costello of Ray White. 
The location is minutes to the Brisbane airport precinct, the CBD and sea ports, said Costello.
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j.ballantyne1990-6AQqhLzZaK

Ultra Tune leases warehouse in Brisbane's Eagle Farm

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Bearings distributor NSK Australia has leased a site in Melbourne's Dandenong South to serve as its new Australian headquarters after nearly 23 years at Caribbean Business Park.
The 3,600 square metre building at 100 Logis Boulevard will be part of Victoria’s first integrated eco-industrial business park – The Logis Estate.
The park designed by award-winning architects PLUS was completed in June 2015.
CBRE’s James Jorgensen brokered the lease for private developer LT Holdings.
The tenant is committed to a seven-year term, with and option of a five-year extension.
“LOGIS is a unique master planned development that offers the very best in innovation, sustainability and urban design, combined with first class amenities,” James Jorgensen said.
Dandenong South’s location just 30 km from Melbourne CBD makes it a sought-after place for industrial businesses, he said.
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NSK Australia finds new home in Melbourne's Dandenong business park

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Premium swimming-pool maker Hy-Clor Australia has leased industrial space in Glendenning to consolidate its Sydney operations.
The 7,277 square metre site at 178 Power Street features a mix of modern office and warehouse accommodation.
Hy-Clor has committed to a seven-year lease on an initial rental of $873,240 per annum net plus GST.
The off-market deal was done by CBRE’s Elijah Shakir and Greg Pike.
“CBRE had an intimate understanding of the tenant’s dangerous goods requirement,” said Shakir.
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Hy-Clor Australia leases space in Glendenning to consolidate Sydney operations

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A string of recent commercial leases in the Sydney CBD indicates an uptick in business sentiment, according to CBRE.
Telemarketing specialist Ways Phone has locked in sub-lease space at a B-grade office tower to accommodate its Sydney headquarters.
Specialising in charity telemarketing, Ways Phone has signed a 4-1/2 year lease deal for a 650 square metres of office space at <a href="https://www.realcommercial.com.au/property-offices-nsw-sydney-501300291" target="_blank">59 Goulburn Street</a>.
The annual rental for the fifth floor property is $568 gross.
CBRE agent Jamie King negotiated the lease for IronFX Global.
Project management firm Cerno has signed a seven-year deal for 300 square metres of office space at 28 O’Connell Street. The annual rental is $675 gross.
Close by, computer-testing solutions provider Pearson Vue has secured a 276 square metre B-grade office on the second level of 10 Bridge Street for $650 per annum gross, while Squirrel Super has committed to a three-year term on a 192 square metre office at 50 King Street. The annual rental is $725 per annum gross.
King said the string of recent deals pointed to a lift in business mood in the Sydney CBD.
In another deal, GTW Investments has signed a two-year sub-lease on a 175 square metre B-Grade office space at 175 Macquarie Street. The rental is $695 gross per annum.
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B-grade Sydney office leases rise with business sentiment

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BMW Australia Finance Limited (BMW AF) has taken a tenancy in the final stage of Mulgrave Office Park located in the Monash precinct in Melbourne’s South East. 
The park is jointly owned by Frasers Property Australia (formerly known as Australand) and Commercial Industrial Property Group (CIP).
Situated at <a href="https://www.realcommercial.com.au/property-offices-vic-mulgrave-501507223" target="_blank">211 Wellington Road</a>, the three hectare business park will create over $145 million in commercial office assets when completed in the third quarter of 2016.
BMW AF has secured the top two and a half floors of building C comprising 4,792sqm and 290 car bays over a five year period with two options to extend for a further five years.
The building also includes 5,353sqm of speculative office space, a 150sqm café and an additional 308 car spaces over another two and a half levels.
The new building is valued at $51 million.
Anthony Maugeri, general manager southern region C&amp;I for Frasers Property said tenants have welcomed the 5 star green star initiatives, an end to end development platform, internal construction capability, pre- approved master planned permits, integrated fit-outs, affordable rental rates and high car space ratios.
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jchancellor-FAypfDUnLy

BMW Australia Finance take Mulgrave Office Park tenancy

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Restauranteur Paul Mathis and business partner George Incretolli will open a new Supercharger Wholefood outlet at Prahran in Melbourne's inner eastern suburbs in a deal brokered by Savills Australia.
The 102-square metre outlet is on the ground floor of the Peregrine's Luxton Apartments at 22 Chatham Street within the Prahran Retail Hub.
Supercharger will take the tenancy on an eight-year lease from Peregrine Projects.
Listing agents Michael Di Carlo, Jeremy Marmur and Jock Thomson did not reveal the rental, but rates in the neighbourhood have been circa $850 per square metre.
Di Carlo said the new store, Supercharger's second Melbourne store, followed the opening of its first, in CFS Retail Trust's Emporium Melbourne on Lonsdale Street in the CBD.
“This new lease follows what a very successful debut for Supercharger at Emporium.
"Paul Mathis' vegan menu is also likely to be very welcome in Prahran, which boasts an eclectic mix of dining experiences and a population well attuned to the vegetarian offering,” Di Carlo said.
The new store is due to open soon.
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Savills secures Paul Mathis to open second Supercharger outlet in Melbourne

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A fully leased 7-Eleven service station and retail complex at Oxenford on the northern Gold Coast has been sold at auction by Ray White Commercial for $8.92 million.
The property at <a href="https://www.realcommercial.com.au/property-retail-qld-oxenford-501694453" target="_blank">141 Maudsland Road</a> attracted 10 registered bidders and was sold to an interstate buyer for a yield of 7.56 percent.
It was recently leased until 2026 with two five-year options.
Sitting on a land area of about 0.75 hectares, the service station earns a net rental income of about $674,550 per annum.
The selling agent was Michael Willems of Ray White.
Willems said the commercial complex is less than a year old and on a high volume traffic road in the heartland of the Riverstone Crossing Estate, where 1,000 homes are being built.
“The property offers a net lettable area of 2,267 square metres, including 1,040 square metres of 10 retail shops,” he said.
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Gold Coast 7-Eleven service station sells for $8.9 million

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Two high-end retailers have opened shop in Tattersall’s Arcade, one of Brisbane's oldest yet hippest shopping destinations.
AG Designer Jeweller and ESQ Male Grooming, have taken up 27 square metre and 49 square metre tenancies respectively on a five-year term with a five-year option.
Opened in 1926, Tattersall's Arcade houses an array of fashion and speciality stores including Canturi, Tracey Mathers Shoe Studio, Hunt Leather, Lannah Dunn and Optiko.
It is believed rents in the Arcade could attract between $1,800 and $2,000 gross per square metre.
Sam Degn of Colliers International, who negotiated the leases, said the two local retailers are eyeing members of the distinguished Tattersall’s Club.  
"AG Designer Jeweller was seeking space in a more prominent location after establishing his business in the Brisbane Arcade about three years ago," she said.
"The barber, ESQ Male Grooming based in Milton had a large portion of his clientele coming to him from the Brisbane City including Tattersall’s Club members. Opening his second store here has created more convenience for his clientele.”
Luxury retailers who plan to move in the precinct include H&amp;M, Zara, Uniqlo, Forever 21 and Top Shop.
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Brisbane's Tattersall's Arcade welcomes new retailers

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Sydney based steel fencing provider, Budget Metals Aust Pty Ltd, will open its first Melbourne branch.
It follows a lease over an industrial facility at Dandenong South in Melbourne’s south-east in a deal negotiated by Savills Australia.
The 1/64-68 Nissan Drive property comprises a 1264 square metre building including a high clearance warehouse with a five tonne gantry crane and a ground level office, drive around access, secure yard space, and on-site parking.
According to Savills, the tenant has taken a three year lease at $89,744 per annum net. The lessor is a private Melbourne investor.
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Budget Metals Australia takes Dandenong lease

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The Sydney city centre continues to boast the lowest office vacancy rate of any CBD in Australia with strong demand coupled with limited net supply lowering vacancies to just 6.3%, says Ray White Commercial.
Ray White commercial office leasing director, Anthony Harris, said the total Sydney CBD office market has delivered tremendous results with low vacancies and high tenant demand translating into improved rental growth.
“Currently the total vacancy rate is 6.3% including a small sublease factor of 0.4%,” Mr Harris said.
“The Sydney CBD office market currently has 311,678 sqm vacant, which has shown a strong absorption rate of 60,405 sqm for the six months to July, 2015. This is the third consecutive six month period of net absorption of more than 50,000 sqm.
“Coupled with net supply over the last 18 months of just 5,485 sqm, this highlights the rebound in white collar employment and business confidence. Technology continues to be a driving force for new tenancies within the CBD, while finance and professional services have also increased their footprint on the city.
“The greatest demand has come from the Core and Midtown precincts which yielded a 36,926 sqm and 18,061 sqm respectively increase in occupied stock over the last six months.”
But Mr Harris said high supply projections over the next few years could dampen the current positive results.
“While the net supply position has aided in the reduction of the overall vacancy rate, this trend is about to change with the anticipated completion of 670,000 sqm of new office stock over the next three years,” he said.
“Although withdrawal of stock will continue for refurbishment, this supply will subsequently come back on line with only limited stock being removed completely from the office count.
“The most anticipated completions are International Towers with the first completion (Tower 2) due in early 2016 (87,500 sqm) with the remainder of the office properties on this site expected to be completed by mid-2017, adding 179,000 sqm.”
Ray White commercial office leasing director, Jeremy Piggin, said the Sydney CBD has been in a period of stability in rents since 2010.
“Over the last two years there was a slight pick-up in the face rents,” he said.
“The prime market has shown a greater increase given the tight vacancy environment and for the first time since the GFC period incentives have started to show greater downward momentum, now averaging in the 25-30 per cent range.
“This has had a positive effect on the effective rental position which has recorded growth over the past year of 9.4 per cent in the prime market.
“However, for this end of the market there is a greater emphasis by businesses to provide greater wellbeing features for their staff. Those properties which offer access to better quality services will continue to be highly sought after.”
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