Commercial office space leasing is gaining momentum in Macquarie Park.
The average vacancy rates in Macquarie Park have trended downwards from approx. 9.4% during 2007-2011. Some have predicted this to drop to an average of approx 8.9% over the next 4 years.
In the next four years approx. 56,755 sqm of office space could be developed provided there is sufficient tenant demand. Some of this development pipeline is ready to go now – the owners are however waiting on a pre-commitment.
Rents on new office space in Macquarie Park will set a new benchmark and are expected to be in the mid $300’s psm pa net + GST. Car parking will be additional.