Corporate tenants are shifting into the CBD, thanks to the new metro stations. But experts are divided on whether North Sydney will be a winner or a loser.
Already a subscriber?Everyone agrees the Sydney Metro will change how and where people work. But there’s fierce disagreement of what those changes will be.heard from some of the nation’s biggest office landlords that Sydney’s new metro line will win more tenants to the CBD, at the expense of the suburbs.
A major reason behind DKSH’s move was the metro upgrade, which made having an office in the CBD much more attractive, Colliers leasing managing director Cameron Williams said. Those recent office moves would appear to back the thesis made by Charter Hall chief executive David Harrison, who this week reiterated his long-held view of the“North Sydney, I told you three years ago, I thought as a bloodbath. We don’t own anything in North Sydney, thank God. You just can’t have the level of new supply in a market that small,” he told the Property Summit.
“We developed an asset in North Sydney, completed in 2019 and our thesis, when we developed this, was that there was no new supply coming,” Mr Du Vernet said.
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