logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Next

Press Release
Return to Office Momentum Gathers Pace in Australia and New Zealand
  • Home
  • About CBRE
  • Media Centre
  • Tenant demand for CBD office space moves south

Tenant demand for CBD office space moves south

16 August 2015
  • Email
  • Share
  • Tweet
  • Share

Sydney, 17 August 2015 – The midtown and southern precincts of the Sydney CBD are emerging as some of the most in-demand precincts for commercial space, due to the areas’ rental profile and vibrant atmosphere which distinguish them from the traditional financial core of the CBD. 

CBRE has recently been involved with a series of lease agreements in the CBD’s mid-town region, including spaces at 66 Goulburn Street, 2 Park Street and 680 George Street.

Chris Fisher, CBRE Director Office Services, said a notable increase in tenant interest for offices space towards the midtown and southern precincts had been identified.

“The vibrant atmosphere, access to retail amenities, proximity to public transport and availability of quality stock at competitive rental rates is underpinning the increasing tenant interest in the area.”

“World Square for example provides a comprehensive retail experience consisting of fashion, restaurants and bars in the heart of one of the most densely populated areas in Australia. There is always activity in this part of town, whether during the day or after hours,” Mr Fisher said.

Exemplifying this movement, 66 Goulburn Street has recently benefitted from a flurry of lease activity, with a range of businesses attracted to the quality A-Grade building. The building, which offers tenants column-free office space with excellent natural light at a competitive price point, has seen recent leases to Copyright Agency (1,500sqm), Credit Investment Ombudsman Limited (946sqm), OMG (946sqm), ICity Realty (205sqm), Joint Investment Funding Group (130sqm), Chatime (436sqm) and Megaward (443sqm).

 Mr Fisher, who is appointed on the leasing of 66 Goulburn Street, noted that six levels of office accommodation had been leased in the short period since it was purchased by GDI Property Group in 2014.

“This substantial lease activity was further supported by increasing residential conversions in the area causing businesses such as Copyright Agency, which is relocating from a site earmarked for conversion at 233 Castlereagh Street, to consider alternative options in the midtown CBD market.”

“With the withdrawal of office stock or threat of withdrawal for residential conversions, tenants are being driven to locate alternative commercial sites, thereby increasing competition and demand in the midtown and southern Sydney markets.”

The midtown and southern sectors have further been successful in attracting tenants from suburban locations and the city fringe.

“High quality office buildings providing accommodations at competitive rental rates have encouraged the migration of outlying tenants such as Tabcorp and Freelancer to 680 George Street and Unilever to 2 Park Street,” Mr Fisher said.

“Overall, the influence of residential conversions, the migration of suburban tenants, the areas prime location, vibrant culture, high quality buildings, and more affordable price point than the core CBD, are attracting interest and activity in the Midtown and southern region from a variety of business sectors.”

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.​

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube