Weaker demand for office space and the rise of remote work are creating a race for high-amenity workplaces in CBD cores. Older, fringe buildings are losing out.
The divide in Sydney CBD’s office market is becoming sharper by the day, as top corporate tenants retreat to sought-after space in the city’s commercial core, sending vacancy soaring on its fringes.
David Harrison, who leads Charter Hall, the country’s largest manager of commercial property assets, said the difference between rising occupancy for prime, modern assets was also playing out across other CBD precincts and city fringe markets.“We are seeing high occupancy in modern assets even in fringe markets and precincts outside of the core Sydney and the ‘Paris end’ of Melbourne markets,” he told“In Brisbane we are seeing high occupancy in modern assets outside of the golden triangle.
“So stronger pricing appetite will be directed to modern-high occupancy assets because they have greater rent growth and most importantly a liquid transaction market through cycles,” Mr Harrison said.
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