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The demand environment will be challenging in 2012. There is an expectation that sub-lease availability will rise and the leasing process - from enquiry to execution - will remain elongated. While there are risks to the demand-side of the equation, the upside risk to vacancy is mitigated by the supply outlook. There is currently 88,400 sqm of space under construction in the Sydney CBD, equating to 1.8% of total stock. The current supply outlook is the fourth lowest since 1970 when measured as a percentage of total stock. There is likely to be a hiatus in the rental growth story over the first half of 2012. However, face rents are expected to move higher in the second half of 2012, especially for Premium and good quality A-Grade assets.
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12 March 2012