UAE developer <a href="https://www.apartments.com.au/developers/arada">Arada</a> is continuing to unveil its billions of dollars of residential development it is set to deliver in Australia.

Following on its plans for <a href="https://www.apartments.com.au/news/nsw/arada-pitches-castle-hill-apartment-plans-ahead-of-2026-launch">431 apartments in Castle Hill</a>&nbsp;and the 2025 bail-out of construction firm Roberts &amp; Co so it can build its own developments, Arada&nbsp;has sought the NSW Government's approval for three towers in the Campsie town centre.

The project, dubbed One Campsie, has been designed by Woods Bagot and will deliver 346 apartments to Beamish Street across three interconnected towers rising 24, 32, and 39 storeys.

According to the Woods Bagot Architectural Design Report, the design seeks to “redefine the urban experience of a rapidly transforming town centre,” delivering housing above an activated ground plane that integrates civic and commercial uses. The design adopts a three-part vertical composition, stepping and articulating the tower to reduce visual bulk and respond to its varied urban interfaces.

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="f515807f-7277-4ea5-8b2b-a5718514f30a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campsie%20podium.png?VersionId=J3oSJpOvye8gpg1kjagODjdhOb0Cl28I" />

At street level, the scheme places significant emphasis on public domain upgrades. A new civic plaza is proposed opposite the Orion Theatre, alongside a landscaped pocket park and a through-site pedestrian link connecting Beamish Street to Campsie Street and Ninth Avenue. The Urban Design Justification Report states that the proposal “builds on Council’s Master Plan by applying a place-led urban design framework that responds to the site’s unique conditions and enhances pedestrian experience and public benefit.”

The documents note that the development aligns with the Master Plan’s intensification strategy for sites within walking distance of the Metro station, while seeking to retain solar access to key public spaces. As outlined in the Urban Design Report, the proposal delivers “intensification within walking distance of the Metro Station while retaining solar access to key parks."

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="586ad606-a84f-49cc-b715-fc3ecb731205" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campsie%20podium%20a.png?VersionId=gNHaD.Os8yW4LVOdsJIdmmhlgQArs0Gm" />

Woods Bagot’s design narrative also draws on local history and Aboriginal cultural context. The Architectural Design Report references engagement with Wangal Country and the Cooks River landscape, seeking to embed a connection to Country through material selection, planting, and public art integration. The broader vision, as described in the report, is to create a building that functions as a “community catalyst, not only as a place to live, but as a vibrant destination for work and play that brings people together, supports local culture, and contributes meaningfully to the civic identity of Campsie.”

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="f1bc9a44-0c1a-4e3f-8b27-38070b0d2744" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_2.png?VersionId=1JmMWg6jOU1rPpS9hCxy8s8H48xc0EiM" />

Located at 124–142 Beamish Street and 16–18 Ninth Avenue, the site occupies a key stretch of Beamish Street, Campsie’s traditional high street, characterised by fine-grain retail, multicultural dining, and proximity to civic infrastructure including the Orion Theatre and Canterbury Civic Centre. The proposed civic plaza and pocket park aim to strengthen this interface, formalising connections between retail frontages, public transport, and community facilities.

If approved, One Campsie would mark one of the tallest and most ambitious additions to the suburb’s skyline, reflecting the broader shift toward higher-density living around transport nodes in Sydney’s middle-ring centres.

Joel Robinson

First Look: Arada files for trio of apartment towers in Campsie town centre

Syd​ney builder-developer Scion has lodged a State Significant Development Application (SSDA) for a 22-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/96-anzac-avenue-west-ryde-nsw-2114">96 Anzac Avenue, West Ryde</a>, marking a significant step in the transformation of the Victoria Road gateway precinct.

Designed by Turner, the proposal would replace an ageing two-storey commercial building with 145 apartments and 29 co-living rooms, above ground-floor retail and three basement levels of parking.

The 3,149 sqm site sits just 150 metres from West Ryde train station, at the edge of the suburb’s retail core and diagonally opposite Anzac Park. It occupies a prominent corner with frontages to both Anzac Avenue and Victoria Road, positioning it as a key transition point between established residential neighbourhoods and the commercial centre.

The scheme is being advanced under the Housing Delivery Authority pathway as a State Significant Development, alongside a concurrent rezoning to lift the site’s height and floor space ratio controls.

Turner says in the Architectural Design Report that the proposal "responds to a unique opportunity to support the revitalisation of West Ryde through the delivery of a landmark development that combines high-quality residential offerings with enhanced public realm and active ground plane uses.”

Scion will be pushing height almost five times higher than what had been pitched for the site before.

Turner says the increased scale aligns with Council’s strategic direction for the precinct, including the West Ryde Town Centre Revitalisation Strategy (2019), the Draft Masterplan (2021), and the West Ryde–Meadowbank Renewal Strategy (2023).

“The increased height and density proposed aligns with Council’s evolving strategic direction for the precinct, as outlined in the Draft Revitalisation Strategy (2019), the 2021 Draft Masterplan, and the broader West Ryde–Meadowbank Renewal Strategy (2023), which collectively call for higher density, transit-oriented development and design excellence."

Turner describes the vision as establishing “a contemporary, mixed-use development that contributes positively to the West Ryde town centre.”

<img alt="West Ryde" data-entity-type="file" data-entity-uuid="c5c22c11-92b8-4ca6-b77b-b5848ae0176d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-02-12%20at%202.41.34%E2%80%AFPM.png?VersionId=aom0z8azYDw7Hl6.A6vDbCom5ozZICn5" />

The architectural response has been shaped by the site’s gateway role along Victoria Road and its proximity to Anzac Park and surrounding heritage elements, including the Sydney Water pumping station opposite the site.

The design process also incorporated consultation around Connecting with Country principles. The design report outlines engagement with Cultural Heritage Consultants Artefact and Aunty Julie, a Burruberongal woman of the Darug Nation, informing planting selection, materiality and potential public art opportunities.

Turner says the scheme aims to optimise the site’s capacity while balancing yield and amenity.

“The proposed scheme seeks to optimise the site’s potential by balancing yield, amenity, and urban integration. It will deliver a high-quality, mixed-use precinct that supports West Ryde’s ongoing transformation into a connected, accessible, and liveable centre."

Scion recently completed the build of its own development, The Sterling in Lane Cove. They are currently building Chatham in West Ryde, just 500m from the new proposal. Those 62 apartments will complete later this year.

First look: Scion pitches tower plans for West Ryde

Mirvac’s <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a> tower at Yarra’s Edge is steadily taking shape on the&nbsp;<a href="https://www.apartments.com.au/developments/docklands-vic-3008">Docklands</a>&nbsp;waterfront, as the ASX-listed builder-developer tracks towards completion in the middle of 2027.

As buyer interest continues to consolidate around larger, owner-occupier-oriented apartments, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a> has introduced a time-limited Lunar New Year settlement rebate across its two and three-bedroom residences.

Running from now until March 10 2026, the Lunar New Year promotion provides a settlement rebate of $28,888 on all two-bedroom apartments and $38,888 on three-bedroom homes.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Trielle forms part of Mirvac’s long-running Yarra’s Edge precinct and will deliver 188 apartments ranging from one to three bedrooms, alongside a limited number of larger-format residences and sub-penthouses, when it completes in mid-2027.

The tower occupies a rare north-facing riverfront position just two kilometres from Melbourne’s CBD, a location that continues to attract owner-occupiers seeking proximity to the city without sacrificing amenity or outlook.

Designed and built by Mirvac, Trielle places a strong emphasis on resident amenities and wellness-led living. A seven-storey podium will house a landscaped rooftop retreat featuring a 25-metre lap pool, spa and sauna, magnesium hot pool, biophilic gym, yoga and Pilates studio, and private treatment rooms, complemented by shared spaces including a resident library, dining room, cinema, golf simulator and flexible work hubs.

[smartcode_project:default project_id=114216 project_image_fid=3801]

Above the standard apartment collection, Mirvac has also revealed The Aerus Sub-Penthouses, a small release of half-floor residences positioned on the upper levels of the tower. Spanning between 269 and 301 square metres, these homes represent the largest offerings within Trielle and reflect the project’s broader design focus on generous proportions, natural materials and long-term liveability.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with the developer continuing to position Trielle toward owner-occupiers and downsizers looking for scale, services and certainty within an established inner-city precinct.

T&amp;C's apply.

[smartcode_project_cta:default project_id=114216]

Buyers save big at Trielle, Melbourne, as Mirvac offers generous Lunar New Year incentive

Gold Coast developer <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a> is set to fast-track construction on its $67 million residential project after being given the green light from the Gold Coast City Council.&nbsp;

Located at 7 and 9 Sixth Avenue, <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> will continue Sherpa’s reshaping of Palm Beach and deliver residential solutions to a region that lacks supply, whilst offering incredible comparative value.&nbsp;

The project has already met high market acceptance with 45 per cent sold after launching late last year.

[smartcode_project:default project_id=151449 project_image_fid=357459]

Sherpa Founder Christie Leet said the approval enables Sherpa to continue to play a major role in transforming one of Australia’s Hotspots, <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, which has undergone a massive renaissance in the last five years.&nbsp;

“We are so grateful to have received the green light for Oasis, which means we can now direct our attention to commencing construction on a major project for Palm Beach as it transform,” said Leet.

“Flourish as a brand has received such positive feedback, and we are excited to move into the delivery phase of the second Flourish project in Palm Beach.”

&nbsp;

Oasis will deliver 47 corner apartments, in two- and three-bedroom layouts filled with natural light, catering to local downsizers and families, with apartments starting from $990,000.&nbsp;

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have access to premium roof-top amenities with sweeping beach views, including a pool, gym, barbecue facilities, sauna, steam room, hot and cold plunges and spa, creating a sanctuary to relax, unwind and connect.&nbsp;

Oasis will offer breathtaking ocean views to the north that can’t be built out – a rare feature in Palm Beach.&nbsp;

“Creating a multi-generational community is at the core of Flourish, we want the brand to appeal to those who are looking for a refined coastal lifestyle, as those who are searching for their first home, which is why Oasis has been designed as a more boutique offering,” Leet added.

&nbsp;

[smartcode_project:default project_id=151449 project_image_fid=357460]

Palm Beach is undergoing a transformation, where a flood of lifestyle buyers and a shortage of new projects have made it one of the most undersupplied markets in the city, with the suburb needing more than triple its supply to meet the growing demand.&nbsp;

“Palm Beach has such a unique and special character, and we hope to build on that, creating homes that locals are proud of,” said Mr Leet.

“Each apartment has been designed to capitalize on the stunning location, to offer a truly unmatched lifestyle in what is a Gold Coast hotspot.”

Oasis is a part of Sherpa’s Flourish story, which includes Amargo, Ovana and a new site at 1156-1164 Gold Coast Highway, all designed to offer attainable, lifestyle-focused residences, allowing locals to stay priced-in a market that continues to get more expensive.&nbsp;

With construction now underway by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a>, Oasis is poised to be completed by late 2027.

[smartcode_project_cta:default project_id=151449]

Sherpa fast-tracks Flourish Oasis construction in Palm Beach

<article data-scroll-anchor="true" data-testid="conversation-turn-2" data-turn="assistant" data-turn-id="request-WEB:177aabf5-72ef-476e-8c5a-366295e4030a-0" dir="auto" tabindex="-1">
Developer JL Place is ensuring buyers at its Veil Brighton project have all the right ingredients to make a confident purchase.

To instil confidence in the market, the development was launched when construction was already well underway, helping to alleviate any concerns about the project proceeding. For a limited time, JL Place is now offering buyers the opportunity to secure a townhouse with a five per cent deposit. The initiative aims to assist those who may not have enough savings for a 10 per cent deposit but have sufficient funds to meet bank lending requirements at completion.

Several of the nine two- and three-bedroom townhouses, tucked away off the tree-lined Rooding Street, have already been snapped up, a sign of demand for&nbsp;low-maintenance, owner-occupier-focused housing in Brighton, which continues to outpace supply, particularly for homes that retain scale, privacy, and outdoor space.
</article>

Townhouses account for a relatively small share of <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a>’s housing mix, yet they have become increasingly sought after by downsizers and local buyers seeking to remain in the suburb without the upkeep of a standalone home. At Veil, each residence is arranged across two levels and anchored by a generous private courtyard, allowing natural light to penetrate deep into the interiors while maintaining a strong sense of separation from the street.

[smartcode_project:default project_id=7877 project_image_fid=355754]

Designed by <a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a>, the architecture has been intentionally restrained, presenting as a single, cohesive residence from Rooding Street rather than a conventional multi-dwelling development. Clean lines and robust materiality are softened by layered landscaping by John Patrick Landscape Architects, reinforcing the project’s emphasis on privacy and integration within its residential context.

Interiors favour a neutral, durable palette suited to long-term living, with oak flooring, grey-toned tiles, natural stone surfaces, and brushed nickel finishes throughout. Kitchens are equipped with Miele appliances and stone benchtops, while several homes include a ground-floor bedroom or flexible study, supporting accessibility and adaptability over time.

Sustainability has been embedded into the design, with each townhouse targeting a 6-star energy rating supported by double glazing, natural ventilation, high-grade insulation, LED lighting, and water-efficient fittings. Secure basement parking, bicycle storage, water tanks, and NBN readiness further position the homes for contemporary, lower-impact living.

[smartcode_project:default project_id=7877 project_image_fid=355771]

The introduction of the five per cent deposit structure aims to improve buyer financial flexibility while securing a foothold in Brighton ahead of completion, which is scheduled for late 2026. With prices starting from $1.529 million, the development has already recorded early sales momentum, with two residences secured prior to formal marketing.

Veil Brighton adds to JL PLACE’s growing portfolio of low-scale, architecturally driven residential projects, delivered in collaboration with builder <a href="https://www.apartments.com.au/builders/jeniton">JENITON</a>, whose involvement brings a further layer of delivery confidence to the project as construction continues on site.

[smartcode_project_cta:default project_id=7877]

JL Place offers five per cent deposits at Veil Brighton townhouses

Office Rent

<html><body>
Government, co-workers, and other flexible office space providers, are driving the Inner Brisbane office leasing market, according to independent valuer m3property’s latest report.
The Inner Brisbane Office: September 2019 report also found the continued expansion of flexible office space providers had been a key contributor to the declining vacancy rate over the past 18 months.
It found that while vacancy would increase to circa 13.5% by the end of 2019, on the back of the completion of 300 George Street, it would continue to trend downwards to be circa 11% to 11.5% by the end of 2021.
Report author, m3property’s Director of Research in Brisbane, Casey Robinson, said lease renewals had more than doubled as a proportion of total leases, from 13% in 2017 to 30% in 2019.
"We have seen leasing activity strengthen over the past year and that has been driven by governments, the continued expansion of the co-working and flexible office space sector, and construction and engineering firms involved in major projects, as well as general growth in white collar employing industries," Robinson said.
The report forecast effective rents to continue to nudge upwards over the short-term while incentives, now entrenched in the Brisbane office market, are expected to trend downwards over the medium- to long-term, stabilising around the 25% mark.
Commercial Director at m3property, Michael Coverdale, said weaker business confidence and cost/business efficiencies were also behind a trend to reduce footprints with a number of corporates including Arrow Energy, Shell, Cardno and Insurance Group Australia downsizing at lease renewal.
"The growth in flexible working space options, which is providing organisations with the ability to expand and contract space requirements as required, is another important factor," Mr Coverdale added.
He said there was also evidence to show reducing footprints had driven tenants to seek newer buildings especially those that offered more flexible work spaces.
</body></html>

wdavis-8cCN98p7xp

Government and co-workers drive Brisbane leasing market, according to report 

<html><body>
Sydney and Melbourne have again topped the global list for office rental performance, taking out the 2 top spots for annual prime office rental growth in the third quarter.
JLL’s latest <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank" style="font-size: 12.16px;">Global Office Index for Q3</a> shows Sydney way out in front globally in number one spot for annual growth between Q3 2016 and Q3 2017.  Sydney recorded 30.1% annual growth in prime rents.  Melbourne recorded 17.3% year-on-year growth for the same period, pushing it to the second global spot.
US cities came in next, with San Francisco Peninsula in third at 12.9% annual rental growth, New Jersey at 12.2% and Portland in 5th spot at 10.4%.
Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/Global%20office%20index.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/Global%20office%20index.jpg" alt="">
JLL’s Head of Office Leasing – Australia, Tim O’Connor said, “Sydney has consistently featured in the Top 10 Global performers rankings for the past 5 years and Melbourne for the past 2 years.
“Two years ago, Sydney ranked number one, while Melbourne was ranked fifth. While the Sydney story has continued on the back of centralisation, stock withdrawals and growth from the technology sector in particular, Melbourne is now following hot on the heels.
“The sharp reduction in vacancy that precipitated the upward pressure in Sydney and Melbourne rents has been amplified by the lack of available new supply coming on line in the short term. The number of options for larger space users in existing stock now means demand will be expressed through additional pre-commitment activity,” said Mr O’Connor.
JLL Charts below showing global rental performance over the past 2 and 5 years for comparison of Sydney and Melbourne rankings two and five years ago:
Two year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/2%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/2%20year%20global%20rental%20performance.jpg" alt="">
Five year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/5%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/5%20year%20global%20rental%20performance.jpg" alt="">
 
JLL’s Q3 <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank">Global Office Index</a> states that rental growth for prime offices across the 125 major markets covered by the JLL Global Office Index continued to pick up pace in Q3 2017, rising by 2.7% year-on-year. 
This was significantly above the 10-year average growth of 1.6%.
Momentum is expected to continue with above-average increases in 2018, with a projected uplift of 3% for the full year 2017 and 2.3% globally next year. 
JLL Head of Research – Australia, Andrew Ballantyne said, “Sydney and Melbourne effective rental growth was in double digit territory over 2016 and 2017. We expect that effective rental growth will ease back from this rate in 2018. 
“Nevertheless, Sydney and Melbourne effective rental growth is projected to remain above 7% in 2018 with the potential to be even higher if the competition for space exerts further downward pressure on leasing incentives,” said Mr Ballantyne. 
JLL’s Victorian Managing Director, David Bowden said, “Melbourne’s rental growth story has been strengthening since mid-2016. 
“Limited new supply and strong office sector demand have combined to put significant upward pressure on face rents. Asset owners took a while to adjust their incentive expectations however these started coming down at the end of 2016. 
“Melbourne’s CBD office market is benefiting from strong population growth which is fuelling business expansion in a diverse range of sectors. In 2016, the leasing market had the highest net absorption since 1978 and has remained strong in 2017, dominated by small business expansion which has accounted for over 63% of office sector demand. 
“New rental benchmarks have been set this year for both existing assets and for the new stock due to come to the market over 2018 – 2020,” Bowden said.
</body></html>

jrobinson-rf4aSBido9

Sydney and Melbourne rank top two globally for office rents growth: JLL

<html><body>
A small, neat and affordable office suite Sydney’s Pitt Street has recently been leased.
The office space, <a href="https://www.commercialpropertyguide.com.au/property/254341/leased/suite-502-250-pitt-street/sydney-nsw-2000/offices/" target="_blank">Suite 502/250 Pitt Street</a>, was last advertised for rent for $260 per week plus GST, according to CoreLogic RP Data.
The open plan office has a floor area of nearly 18 sqm, has timber floors and a high ceiling.
The leasing agents were First National’s Simon Boroudjani and Narek Alayan.
The property changed hands in May this year for $310,000, Corelogic RP Data showed.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/26/PittSt2.jpg" alt="">
</body></html>

jonathanchancellor-7SQnKwU6yx

Small, affordable office suite in central Sydney leases in quick time

<html><body><div title="Page 1">
Landlord-favourable markets have allowed Sydney and Melbourne CBD office markets to record their strongest rental growth in over five years, according to real estate services firm Cushman and Wakefield's latest report. 
Their MarketBeat report series for Brisbane, Melbourne and Sydney CBD office markets reveals that growth in service sector employment is driving strong demand in Sydney and Melbourne, but Brisbane is yet to feel the effects. 
Above average economic growth in New South Wales of 3.5% over the past year, compared to trend of 3.1%, has continued to fuel demand for office space. Vacancy has remained tight despite an injection of new supply to Sydney CBD in the first half of 2016, including international Tower 3 and 200 George Street.
“Enquiry levels have been very high in Sydney. When combined with limited vacant space has resulted in gross effective rents rising over 6% this quarter. This is the strongest quarterly gain we have seen in Sydney since 2008,” said Tim Molchanoff, head of Office Leasing.
 <img src="/images/2016/07/01/Screen%20Shot%202016-07-03%20at%2011.58.16%20PM.png" alt="">
<img src="/images/2016/07/01/Screen%20Shot%202016-07-03%20at%2011.56.13%20PM.png" alt=""> 
While CBD office rental growth has been stronger in Sydney, Melbourne's CBD is also experiencing rising demand with no new stock added in Q2 and vacancy below the long-run average. The landlord favourable market has resulted in prime net rents rising 3.3% in Q2, the strongest quarterly rise since 2011.
 <img src="/images/2016/07/01/Screen%20Shot%202016-07-04%20at%2012.03.31%20AM.png" alt="">
 <img src="/images/2016/07/01/Screen%20Shot%202016-07-04%20at%2012.01.51%20AM.png" alt="">
In contrast, rents in Brisbane eased further over the quarter. The market is set to experience double the long-term average new supply in 2016, with over 133,000 sqm expected over the year. While this new supply will keep direct vacancy at near record levels, much of the impact has now been priced into prime market rents.
“We estimate that the market is now at, or near, the bottom of the cycle. Although there are green shoots of recovery such as ongoing employment growth in the finance sector, it will likely take some time for a significant tranche of this current vacancy to be absorbed," said Dr Dominic Brown, head of Australia &amp; New Zealand Research.
 <img src="/images/2016/07/01/Screen%20Shot%202016-07-04%20at%2012.09.12%20AM.png" alt="">
<img src="/images/2016/07/01/Screen%20Shot%202016-07-04%20at%2012.05.28%20AM.png" alt="">
 
</div></body></html>

Sydney office rents surge ahead in Q2 2016: Cushman and Wakefield

<html><body><div class="page" title="Page 4">
<div class="layoutArea">
<div class="column">
GUEST OBSERVER
There is a big difference in most world cities between rents paid by a creative or digital scale-up and a hedge fund, although the gap is closing. In June 2015 the total annual office rent paid for each member of staff in a hedge fund averaged $22,399 across the 12 world cities covered in this report. This compares to $10,453 per person for a small digital scale-up or creative company, which represents just 47% of the financial sector office rent. This ‘digital discount’ has eroded since 2008. At the end of 2008 the digital and creative industry paid, on average, 42% of what a hedge fund would pay in rent.
The difference between these rents clearly reflects a different scale of revenue between a financial company and a creative company, but we expect the gap to continue to close. This is because the size of the digital and creative sector is growing faster than the finance industry in many of the world cities we monitor, meaning rental growth is higher too.
Meanwhile, it takes time for the nature and location of office stock to change from the type of large, floor-plate corporate premises required for banking to smaller, flexible and altogether more dynamic spaces required by creative and digital occupiers. This means that scarcity value also increases rents.
In some cities the importance of the digital and creative industry would already seem to have overtaken finance. In Sydney, for example, creative industry companies are paying more per person for office rents than finance companies are. Local supply and demand factors will clearly have an impact here. Relatively low demand for financial offices in Sydney means the city has some of the cheapest rents for this sector among our world cities, paying well below the world average per person.
Globally, the average growth of office rents we monitor among our 12 cities was just 1.7% between December 2008 and June 2015. But this average disguises a big difference between the financial sector and creative and digital sector. While office rents in the financial sector fell by an average of 1.8%, the creative sector offices saw growth of 8.6% over the same period. 
 
</div>
<div class="column">
Yolande Barnes is director, Savills World Research Team and can be contacted <a href="https://www.savills.com/research/" target="_blank">here</a>. 
</div>
</div>
</div></body></html>

Office Rent

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Office Rent

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News