North Shore office market strengthens

The Property Council of Australia’s latest Office Market Report released today shows that the aggregate vacancy rate across all North Shore markets has decreased from 8.4 to 7.9 per cent in the six months to July due to positive demand and withdrawals.

North Sydney dropped 1.6 points to a vacancy rate of 6.3 per cent and Crows Nest / St Leonards and Chatswood decreased to 9.9 per cent and 6.5 per cent over the period.

“North Sydney saw a stronger result due to 13,552 sqm of withdrawals and 558 sqm of net absorption,” Property Council NSW Executive Director Jane Fitzgerald said today.

“There was a drop-in vacancy in Crows Nest/St Leonards due to 3,090 sqm of net absorption and Chatswood saw vacancy decrease slightly to 6.6 per cent due to 857 sqm of net absorption.

“Some new supply is on its way across North Shore markets with over 130,000 sqm due to be completed from 2019 onwards.

“The results we are seeing on the North Shore reflect Sydney’s other markets with strong demand and an upswing in investment.”

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