Market rebounds in Macquarie Park
The Property Council of Australia’s latest Office Market Report released today, shows that Macquarie Park has rebounded with strong demand for commercial office space and overall vacancy dropping from 8.4 to 6.0 per cent in the six months to January 2018.
A and B Grade segments recorded positive net absorption indicating a strengthening of tenant demand for office space in the area.
“Macquarie Park has rebounded after a period of weaker results which is a good sign for economic growth and development in the area,” Property Council NSW Executive Director Jane Fitzgerald said today
Key market indicators, Macquarie Park (aggregate)
“The vacancy rate reduced due to 13,594sqm of withdrawals and 13,318sqm of net absorption over the period.
“There is no new space to come online until 2019 so it will be interesting to see how this market develops over the next 18 months given increased infrastructure investment in the area and tight competing office markets.”
William Power | M 0429 210 982 | E firstname.lastname@example.org