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North Ryde can only get stronger
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After having suffered at the hands of the hi-tech boom and bust, North Ryde has emerged as one of our stronger office markets and is expected to eclipse its competitors at Parramatta and North Sydney.
Already the area boasts well known tenants and in 2007 will become the home of Optus.
To give it extra momentum, Ryde Council and with the State Government are working together on a new local environment plan, whereby the area's zoning changes from purely industrial with a research and development focus to a more general office district.
Already the Ryde Council has adopted the Macquarie Park Corridor Master Plan, while a draft Development Control Plan and Draft Contributions Plan are to be exhibited in the coming months.
The most recent Property Council office reports showed that the office markets of Sydney's North Shore and North Ryde have made positive gains in the half-year to July.
Property Council NSW president Mark Graysaid the vacancy factor in North Ryde had shrunk from 14.4 per cent to 13.7 per cent.
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Advertisement"No stock is due to enter this market until 2007 and net absorption in North Ryde's A-grade market has been encouraging to date," Mr Gray said.
Colliers International state director Mark Martin, who has completed several deals in the area, said A-grade office available at September 14 was 38,218sqm, which is 7.2 per cent of the area when considered against Property Council figures of total office supply of 530,990sqm.
"Of this 38,218sqm, 10,002sqm is under solicitors' instruction, and 7,272sqm is under negotiation. If all these negotiations progress to conclusion, supply will be 20,944sqm," Mr Martin said.
"This supply is spread over 10 buildings, with very limited contiguous space of more than 3,000-3,500 sqm. Only three buildings provide this, including 1 Innovation Road, 37 Epping Road and 2 Richardson Place.
"Mooted supply or with development approval is about 175,000sqm in 13 schemes."
On the demand side, Mr Martin said that during the past five or six years take-up had typically been about 50,000sqm a year.
Colliers International is aware of demand for about 70,000sqm of accommodation in the next two or three years, with the largest inquiry being frrom American Express, wanting to find 24,000sqm in suburbs including North Ryde.
"The implication is that demand will soon outstrip supply."
One of the latest buildings is at 2 Lyon Park Road, opened by owner FuturePlus, run by Brian Churchill.
Colliers' Mr Martin and Barry Johnston of Balmoral Partners have leased most of the property.
Mr Martin said A-grade rents were $265/sqm, while incentives were still in the order of 30-35 per cent.
"The owners that will reap the rewards will be the ones that commence speculative construction. A proviso remains that only the schemes that are well located will be expected to attract strong tenant interest, as social and retail amenity remain on most tenants' wish list.
Scott Young, associate director at Savills North Sydney office, said demand was picking up on the leasing side and the investment market was also very strong.
"It is also a popular locality for the listed property trusts and we see that increasing," Mr Young said.
In a recent report CB Richard Ellis's North Ryde team, led by Colin Beckton, shows there has been a shift in tenant demand for office space to suburban locations outside business districts. This has been underpinned in part by the lack of potential development sites in the traditional office markets of the Sydney CBD and the North Shore, and partly by tenant preference for suburban locations.
Supporting the Optus move, the report said other tenants will be looking to move to Macquarie Park, bringing that market back to equilibrium. |
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挑选初学者钢琴 (2008-9-18) daffodil 
发表于 2007-11-25 20:38
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