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Buyer activity was steady in the Sydney Suburban office market, with interest directed towards prime Suburban assets. Prime yields are forecast to remain stable in the short term. Demand for office space in Sydney Suburbs is strong, with net absorption in 2011 surpassing the 5 year average. Vacancy has decreased across most markets and is expected to continue to trend downwards over the next 12 months due to the very limited supply pipeline of projects under construction or with tenant pre-commitments. As a result, average market rents are expected to continue to increase in this period. This dynamic is also supportive of the Sydney CBD, as decentralisation options in the Suburban markets for large tenants are limited.
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05 March 2012