The second hailstorm to hit Sydney in less than three months has sparked a leasing frenzy in industrial locations across the city – with up to 20% of vacant stock snapped up by vehicle dent removal companies seeking emergency space.
The March 14 hailstorm caused widespread damage to passenger vehicles, triggering a series of leasing transactions, equating to more than 25,000sqm of space leased in the suburbs of Wetherill Park, Glendenning, Marsden Park, Jamisontown and Castle Hill.
“Vacancy is already extremely tight (sub 2%) in most Sydney markets, with this additional demand for space representing up to 20% of vacant stock,” Mr Alessi said.
“Traditional industrial users were already finding it hard to secure suitable space, but with this further pressure on supply, we’re advising industrial users to start their property search as early as possible.”
Among the recent transactions, Aussie Hail Pty Ltd leased a 4,670sqm property at 75 Owen Street, Glendenning, for a rental of $150 per square metre net. They also leased a 2,200sqm facility at 14-16 Abel Street, Jamisontown, for a rental of $100 per square metre net.
In further transactions, Action Smart Group will occupy 725sqm at 12-20 Anella Avenue, Castle Hill. The deal was negotiated within 48 hours. Meanwhile, Wizard Hail Repair Network has leased 7,000sqm at 488-490 Victoria Street, Wetherill Park, for a rental of $140 per square metre gross.
The most recent weather event follows the December 20 hailstorm that caused widespread damage across the majority of Sydney’s metropolitan basin – sparking more than 35,000sqm of industrial leasing activity.
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