Ryde. Working group on future

NSW Government agencies and Ryde Council have formed a working group to plan for future development of the Macquarie Park corridor. Macquarie Park is expected to employ 56,000 people by 2036 and is serviced by the Epping to Chatswood rail link and Macquarie University. Department staff will join council and Transport for NSW representatives on the working group.

North Ryde. Fast growing precinct

Macquarie Park continues to be one of Sydney’s fastest growing commercial precincts according to CBRE’s latest Sydney Metropolitan MarketView report, which. anticipates Macquarie Park could potentially witness the construction of approximately 500,000sqm of office stock over the next ten years. However, CBRE global research and consulting analyst, Alex Bedrossian, said project timelines would be heavily influenced by tenant pre-commitments and economic factors.

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.

North Ryde. Macquarie Park growing fast

Macquarie Park, has been one of the fastest-growing areas in terms of leasing and sales over the past five years and while activity has slowed recently, demand remains at a high level, according the The Sydney Morning Herald. In January 2005, the Property Council of Australia (PCA) measured the market at 526,573 square metres;. By January this year, the total market had grown to 783,257 square metres - a 33 per cent increase. About 500,000 square metres has been approved or mooted, much of which could be developed in the next four to five years.

Macquarie Park. Leasing 'heating up'

Leasing in Macquarie Park/North Ryde is heating up with 46,000 square metres of new space completed in the first half of 2009, more than any other market in Sydney, according to CB Richard Ellis. “The new Epping to Chatswood rail link … is drawing tenant interest from traditional North Shore markets, as evidenced by CSR’s recent relocation from Chatswood, “said CBRE’s Luke Nixon, in The Sydney Morning Herald. The 340-hectare Macquarie Park/North Ryde has an estimated 8000,000 square metres of commercial space

Ryde. The future of Macquarie Park

The City of Ryde is seeking nominations from business groups and the community to join the new Macquarie Park Forum, to help shape the future of Macquarie Park, a nationally significant research and employment centre with a working population of over 30,000 people. The area, expected to become the fourth largest business district in Australia, by 2031, includes some of Australia’s Top 100 companies in the media, IT&T, medical research and pharmaceuticals as well as Macquarie University and the Macquarie Shopping Centre.

North Ryde. Top incentives in business park

Australia’s largest incentives for rents in business parks are at Macquarie Park at a time when landlords are offering attractive deals in the Sydney CBD. Incentives at Macquarie Park are typically at 30 per cent and in some instances as high as 40 per cent. The Australian newspaper said some analysts noted the incentives were high because landlords overestimated the popularity of the location and the asking rents were initially too high.