North Ryde. Boost in office space

Demand for office space in North Ryde was the second highest in the country over the last six months, continuing its growth as a major national business centre, according to the Property Council of Australia’s latest Office Market Report. In the six months to January, the market in North Ryde took up 58,117square metres of office space, second only to Brisbane’s Near City market in demand for space among Australian office markets. “North Ryde has continued its phenomenal growth. It is now the ninth biggest office market in the country, bigger than Parramatta and St Kilda Road,” said Ken Morrison, executive director the NSW Property Council of Australia.

North Ryde. Vacancy up towards 12 per cent

The vacancy rate in the North Ryde office market could move up to 12 per cent over the next 12 months with 82,460 square metres expected to be completed, with pre-commitments not fully secured for all projects, according to LandMark White, in The Sydney Morning Herald. LandMark forecasts net supply will increase by 44,152 square metres a year on average over the next five years, as lower demand will probable push development back until major tenants are secured.