Wednesday, 14 April 2010

North Ryde. Development at a slower rate

As a result of the global financial crisis, 2010 is likely to see no additions to the Macquarie Park office market, with the next major completion to be the fully committed Cochlear research facility in 2011, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report. The next five years are expected to see further significant development, albeit at a slower rate than witnessed over the 2005-09 period. Net additions over the next five years are likely to see average 34,400 square metres annually, around 32 per cent lower than the five-year historic average. Net face rents for grade A properties remained at $300 per square metre during the first quarter of 2010. Average net face rent in Parramatta is $330 per square metres. Net face rents for grade A properties, in Macquarie Park, will grow to $346 per square metre by December 2014. The total office floor space in Macquarie Park is 728,527 square metres compared to 682,557 square metres in Parramatta.



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