This article is from the Australian Property Journal archive
THE outlook for office demand in Sydney is positive for 2016 as business confidence improves, according to the latest Dexus Office Demand Barometer.
The Barometer showed an easing of 0.4% in tenant demand for Sydney offices in the March quarter to 0.9%, but remains positive and is heading to more sustainable levels through 2016.
Office demand in the CBD remains solid, with nearly 36,000 sqm taken up in the March quarter and 145,000 sqm in the past year, according to JLL.
The Barometer found prime office space absorption is running at over four times the ten-year average, with a net absorption of 206,000 sqm in prime buildings for the year indicating a preference by tenants to upgrade to high quality stock and at a faster rate than expected.
The easing in the March quarter was due to volatility in the sharemarket and slow growth in job advertisements of just 0.3% in the past quarter.
Australian Property Journal
