2025-03-17-莱坊-North_Shore_Office_Market_March_2025_9页_1mb

报告摘要

There is a clear structural shift towards high-quality office spaces and amenities, with a divergence in demand favoring premium assets.
Occupier demand and deal flow improved in 2024, marked by positive net absorption in certain markets, driven by prime-grade transactions.
Vacancy rates are decreasing in North Sydney and Chatswood, while St Leonards continues to experience high vacancy.
Rent growth occurred, but incentives are rising, offsetting net effective rents in some areas and indicating potential stabilization.
Future developments, such as Lendlease's Victoria Cross OSD, could impact supply and further influence market dynamics by 2025.

Overall vacancy declined to 17.8%, with prime-grade vacancy tightening to 2.3%.
Prime net face rents increased by 3.8% to $928/sqm (gross $1,093/sqm), while incentives rose to 38-40%, stabilizing net effective rents.
Deal flow improved, with occupiers preferring premium assets with good connectivity, like those near the Sydney Metro station.
Total office stock remains stable at 941,214 sqm, with a focus on high-quality buildings.

Vacancy rose to 30.65%, the highest on record, due to subdued occupier demand.
Prime-grade vacancy increased slightly to 26.1%, while secondary-grade vacancy peaked at 33.2%.
Net absorption was negative, highlighting weak demand partly due to competition from other North Shore areas and the CBD.
The Crows Nest Metro station may enhance appeal, potentially boosting secondary asset demand in the future.

Vacancy dropped to 17.7%, the lowest among North Shore markets, with prime-grade vacancy at 23.9%.
Prime net face rents increased by 1.7% to $642/sqm, while secondary grades saw higher vacancy.
No major new developments are scheduled, supporting market recovery.

Vacancy fell to 18.9%, making it the largest office market in NSW, with prime space constituting 71% of total stock.
Prime net face rents rose by 2.2% to $470/sqm, but incentives increased, reducing net effective rents by 1.0%.
Multiple tenant deals and refurbishments, like the completion of 73 Talavera Road, contributed to positive absorption.

Yields have stabilized, with prime yields ranging from 6.9% in North Sydney to higher rates in other areas.
Expected investment volumes will increase in 2025 with first-rate cuts and realigned vendor-purchaser expectations.
New supply from projects like Victoria Cross OSD and Affinity Place could add capacity by 2029, allowing time for current stock absorption.
The healthcare and education hub focus enhances institutional investment opportunities.

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